Ytech acquired the office building at 1000 Ponce de Leon Blvd., redeveloped it and sold the asset after achieving 100 percent occupancy plus a sizable waiting list.
In addition, Ytech increased rental rates by more than 300 percent, to more than $40 a square foot from $12 a square foot. The high-end city of Coral Gables is home to the University of Miami and several prominent national, international and local companies.
The office building is situated in a high growth area north of Miracle Mile, the shopping and entertainment epicenter of the Miami suburb.
Ytech saw the opportunity to repurpose the underperforming asset by modifying the conventional office rental methodology and transforming the 1965 building into an executive suite venue after having spent millions renovating the 25,000-square-foot building in 2011.
The new management strategy provided tenants with an impressive list of amenities which included top-of-the-line IT equipment, fully furnished office spaces, customized telephone plans, high-speed internet and Wi-Fi access, class A conference rooms with teleconferencing equipment, coffee lounge areas, secretarial support, and private covered parking.