---
title: "PGIM Sells Coral Gables Office Complex for $98M"
url: https://burnaze.com/article/3955d9ee-f6ba-4541-a831-26d086e7e94c
source: "Commercial Observer"
original_url: https://commercialobserver.com/2026/07/pgim-coral-gables-ponce/
author: "Julia Echikson"
category: "Real estate"
industry: "Business Services"
segment: "Real estate"
published: 2026-07-06T20:25:48.000Z
modified: 2026-10-31T13:17:01.604Z
image: https://commercialobserver.com/wp-content/uploads/sites/3/2026/07/Raimondo-Amabile-Cathy-Marcus-2525-Ponce-de-Leon-Blvd-credit-Schwartz-Media.jpg?quality=80&resize=1200%2C630&strip=
---

# PGIM Sells Coral Gables Office Complex for $98M

**TL;DR:** PGIM has sold the Ponce office complex in Coral Gables, Fla., for $97.8 million to a group of buyers including Intalex, Itero, and Greenwall Capital Management. The partnership plans to spend about $30 million renovating the complex.

*By Julia Echikson, originally published in Commercial Observer on 2026-07-06. [Read the original](https://commercialobserver.com/2026/07/pgim-coral-gables-ponce/).*

## Story

Insurance giant **PGIM** has sold the 717,805-square-foot **Ponce** office complex in Coral Gables, Fla., for $97.8 million.

The buyers include **Intalex**, **Itero**, **Greenwall Capital Management** and the family office of the late entrepreneur Carl DeSantis, who founded **Sundown Vitamins** and was an early investor in the **Celsius** energy drink. (He was not related to Florida Gov. **Ron DeSantis**.)

The asset, which is 65 percent leased, includes four structures: a 257,168-square-foot Mediterranean-style office building at **2525 Ponce de Leon Boulevard**; an adjoining, 93,670-square-feet office building, which is attached to a six-story parking garage at **2555 Ponce de Leon Boulevard**; and a three-story parking garage across the street at **152 Valencia Avenue**.

**Acore Capital** provided a $105 million acquisition loan. The partnership plans to spend about $30 million renovating the complex, which was built between 1966 and 2004. The project is expected to be done next year.

“Premier assets in high-growth, supply-constrained markets continue to outperform,” **Jack Henry Kapp**, managing partner of Greenwall, said in a statement. “Even prior to closing, our pre-leasing activity has put us well ahead of schedule in executing our business plan.”

PGIM purchased the property for an undisclosed amount 20 years ago from **Hines**, which had developed and repositioned the Ponce. Hines will continue to continue to manage the asset.

**Chris Lee**, **Sean Kelly**, **Tom Rappa**, and **Matthew Lee** of **CBRE** represented the seller, and **Amy Julian** and **Andrew Chilgren** of **CBRE** arranged the financing. A representative for PGIM did not immediately respond to a request for comment.

The deal follows another repositioning sale of an office building in Coral Gables, an upscale suburb of Miami. In January, **Deutsche Bank**’s asset management arm sold off the **Alhambra** for $120 million, about the same amount it paid more than a decade ago, to private equity firms **Lone Star Funds**, **Square2 Capital** and **Highline Real Estate Capital**.

## Entities

- Real Estate (sector)
- Commercial Observer (publication)
- real estate investment (topic)
- CBRE (company)
- Julia Echikson (person)
- Celsius (company)
- Hines (company)
- acquisition loan (topic)
- property renovation (topic)
- PGIM (investor)
- ACORE Capital (investor)
- Chris Lee (person)

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Originally reported by Julia Echikson, Commercial Observer (https://commercialobserver.com/2026/07/pgim-coral-gables-ponce/). Summarized by Burnaze (https://burnaze.com/article/3955d9ee-f6ba-4541-a831-26d086e7e94c).