PGIM, the investment arm of insurance company Prudential, has exited the Ponce office complex in Coral Gables, Florida, selling the 717,805-square-foot property for $97.8 million. The buyer consortium includes Intalex, Itero, Greenwall Capital Management, and the family office of Carl DeSantis, the late founder of Sundown Vitamins and early Celsius investor.
The deal signals shifting dynamics in South Florida's office market. PGIM's sale reflects broader trends as institutional investors recalibrate their commercial real estate exposure amid remote work adoption and rising interest rates. The price point values the Ponce complex at roughly $136 per square foot, a metric that reveals where Miami-area office assets trade in today's environment.
The buyer group's composition matters. Intalex and Itero bring development and operational expertise to Miami's commercial sector. Greenwall Capital Management focuses on real estate investment and management. The DeSantis family office participation underscores how ultra-wealthy individuals and family offices continue deploying capital into trophy properties, even as traditional institutional money retreats from office assets.
For tenants currently occupying space at Ponce, the ownership change means new management and potentially different lease renewal terms. For sellers with similar Class A office buildings in Coral Gables and Miami, this transaction establishes a recent comparable for pricing negotiations. The deal suggests anchored demand exists among specialized buyer groups, particularly those with patience for repositioning and operational improvements.
Landlords in the Miami office market should watch this closely. The $97.8 million price indicates the market still values well-located, modern office space in premium submarkets like Coral Gables. However, the shift from PGIM, a heavyweight institutional investor, to a syndicate of regional and family office players hints that pricing