Colliers Secures 21,335 SF Office Lease at 550 Biltmore Way in Coral Gables for IWG

CORAL GABLES, Fla., June 24, 2026 — Colliers has completed a 21,335-square-foot office lease at 550 Biltmore Way in Coral Gables, Florida, with International Workplace Group (IWG), a global provider of flexible workspace solutions. Colliers Vice President Jake Freeman and Senior Vice President Maggie Kurtz represented the landlord, Secured Debt Investments (SDI), in the transaction, which the firm described as a significant milestone in the repositioning of the property.

Deal Details and Biltmore Way Real Estate Repositioning

550 Biltmore Way is a 175,263-square-foot Class A office building situated steps from Miracle Mile and within minutes of downtown Miami and Miami International Airport. The property is currently undergoing a comprehensive renovation program under SDI's ownership. Improvements include a redesigned lobby scheduled for delivery in September 2026, upgraded common corridors and restrooms, and a tenant amenity center featuring lounge and conference facilities. Additional upgrades include a new HVAC system, modernized elevators, valet service, a building chauffeur, and the addition of Nono's Café.

"This lease highlights the continued momentum at 550 Biltmore and the strong interest we're seeing from tenants seeking upgraded, well-located office environments in Coral Gables," Freeman said. "The property's enhancements are attracting premier tenants while reinforcing the area's position as a leading business destination."

Orlando Garcia, Founder and Managing Partner of Secured Debt Investments, said the lease validates the ownership group's investment thesis. "Welcoming IWG to 550 Biltmore is an important milestone in the property's ongoing transformation," Garcia said. "Our investment strategy has been focused on creating a workplace experience that blends hospitality-inspired service, modern amenities, and a premier Coral Gables location. The continued leasing momentum at 550 Biltmore validates our vision for the property and reflects the demand for thoughtfully upgraded office environments in Coral Gables."

IWG Expansion Reflects Demand for Flexible Workspace

The IWG lease reflects what Colliers described as sustained demand for flexible workspace in Coral Gables, where the company's existing locations operate at high occupancy levels. The transaction is part of a broader pattern of leasing activity in the submarket, including Industrious securing a full-floor lease at a nearby property, further reinforcing Coral Gables' standing as an active office destination in South Florida.

Leasing Velocity at 550 Biltmore Way

The IWG transaction is the largest in a series of leases completed at 550 Biltmore Way over the past 12 months. Additional transactions include a 5,120-square-foot lease with Salomon Puyana, a 1,578-square-foot lease with Strategic Capital Partners, and a 774-square-foot lease with Star Fund LLC. According to Colliers, the property is currently in active lease negotiations with multiple users totaling more than 25,000 square feet.

Coral Gables Office Real Estate Market Context

The Coral Gables Class A office market recorded a vacancy rate of 16.7% in the first quarter of 2026, according to data cited in the Colliers announcement. The submarket absorbed approximately 85,000 square feet of newly delivered inventory during the quarter, with occupancy gains driven by tenant move-ins and strategic space consolidations.

Class A asking rents reached $68.20 per square foot on a Full Service Gross basis in Q1 2026, representing a 12.0% increase year-over-year and a 3.7% sequential gain. Colliers noted that institutional landlords are responding to this pricing environment by executing capital upgrades and rebranding signature assets to meet the expectations of modern occupiers — a dynamic directly reflected in SDI's renovation program at 550 Biltmore Way.

About the Firms

Colliers is a diversified professional services and investment management company. Secured Debt Investments is the owner and sponsor of 550 Biltmore Way, executing a repositioning strategy at the Coral Gables asset. International Workplace Group is a global flexible workspace provider operating across multiple brands in markets worldwide.