A joint venture of three investment firms — Intalex, Itero, and Greenwall — closed on a Coral Gables office portfolio for $97.8 million, in one of the most significant office transactions the submarket has seen in years, according to reporting published July 10, 2026.

Who bought the Coral Gables office portfolio and for how much?

Intalex, Itero, and Greenwall formed a joint venture to acquire the Coral Gables office portfolio for $97.8 million, a price point that places the transaction among the largest office deals in the submarket's recent history. The acquisition signals continued institutional appetite for premier office assets in Miami-Dade County even as the broader national office market wrestles with elevated vacancy rates and remote-work headwinds.

  • Deal closed as of reporting dated July 10, 2026.
  • Three distinct firms — Intalex, Itero, and Greenwall — structured the purchase as a joint venture.
  • The $97.8 million price tag ranks the transaction among Coral Gables' largest office sales in recent memory.

Why are investors still buying office space in Coral Gables?

Coral Gables continues to attract institutional capital because the submarket has maintained strong demand for Class A office space, buoyed by Miami-Dade County's expanding professional-services and financial sectors. Asking rents for Class A office space across Miami-Dade have climbed to approximately $70.64 per square foot, a figure that underscores the pricing power landlords hold in premier locations like Coral Gables.

  • Class A asking rents in Miami-Dade reached roughly $70.64 per square foot as of the July 2026 reporting period.
  • Coral Gables has historically drawn law firms, financial institutions, and multinational corporations seeking a prestigious address south of downtown Miami.
  • Rising rents strengthen the investment thesis for buyers willing to pay a premium for well-located, high-quality office product.

What does this sale mean for the Coral Gables office market?

The $97.8 million transaction reinforces Coral Gables' standing as one of South Florida's most resilient office submarkets, attracting joint-venture capital at a scale that few other Miami-Dade neighborhoods outside Brickell can consistently command. For competing landlords in the area, the deal sets a high-water mark that is likely to influence future pricing and lease negotiations throughout the submarket.

  • Comparable deals at this price level have been rare in Coral Gables, making the transaction a meaningful data point for appraisers and brokers.
  • Sustained investor confidence may support further rent growth and reduced concessions for tenants renewing or relocating leases.
  • The joint-venture structure — three partners sharing the acquisition — suggests the buyers are managing risk while still committing to a large, long-term position in South Florida office.

The original reporting on this transaction was published by CRE-Sources in its weekly top-stories roundup on July 10, 2026.