The No-Fault Group is almost doubling its office space, relocating its Miami headquarters in Doral to a penthouse in Coral Gables.
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The medical and attorney referral service company signed a lease for almost 22K SF of office space at 2990 Ponce in Coral Gables, according to a release. Colliers’ Stephen Rutchik and Kevin Gonzalez represented the landlord, Dallas-based Gildenson Real Estate, and the The No-Fault Group, according to a release.
The relocation marks a significant expansion from the firm's Miami office in Doral, where it occupies 13K SF. The company, which refers accident victims across Florida to attorneys and medical professionals, also has offices in Orlando and Sunrise.
“With this strategic move, the provider is well-positioned to expand their operations nationally, with the added benefit of prominent building-top signage to enhance their brand visibility further,” Rutchik said in a statement.
The No-Fault Group focuses on auto, slip-and-fall, workplace and boating accidents, according to its website, and is expected to move into its new space on the building's top floor by the end of 2025.
Mexico City-based BEA Equities owns the six-story, 60K SF building after purchasing it from TA Realty in 2022 for $24.7M, The Real Deal reported at the time. Gildensen, a brokerage and property management firm, manages the asset.
The office building is 87% leased, with only an 8K SF floor still available, a Colliers representative told Bisnow. That space is fielding multiple proposals.
The deal comes amid an era of slower office leasing in South Florida than the pandemic years, but Coral Gables is among the best-performing submarkets. Coral Gables and Airport Doral together accounted for 36% of total inventory but 43% of 2024’s leasing activity, according to a third-quarter CBRE report.
Coral Gables office vacancy stood at 14.3% for Q3, just below Miami’s overall vacancy average of 15.2% and far below the national average of 19%, according to CBRE.
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