City National Bank of Florida has completed the sale of a 124,168-square-foot office building in Coral Gables for $39 million, transferring the property to Baptist Health South Florida. The transaction marks a shift in ownership from a financial institution to a nonprofit healthcare operator, although Baptist Health has not disclosed how it intends to use the building. Details on any future occupational strategy or leasing approach for the property have not yet been made public.
According to information reported by the South Florida Business Journal and cited in the original coverage, Baptist Health South Florida has an established presence in Coral Gables. Many of the organization's executives are based at its office property at 6855 Red Road in Coral Gables, a building that Baptist Health also owns. In addition to its administrative footprint, Baptist Health owns Doctors Hospital in Coral Gables, further underscoring its concentration of facilities in the city.
The Coral Gables building acquired from City National Bank of Florida offers 47,732 square feet of leasable office space, providing a significant amount of potential workplace area relative to the overall building size. The property also includes a 122-space parking garage, an on-site parking ratio that may support either single-tenant or multi-tenant office utilization, depending on how Baptist Health ultimately chooses to program the asset. No information has been released on current occupancy, tenant mix or any near-term capital improvement plans for the building.
City National Bank of Florida opted to sell the office after determining that it no longer needed the space. The bank had previously relocated its headquarters in 2025 to a larger office at 2701 S. Le Jeune Road, also in Coral Gables. That move left the former facility surplus to its requirements and opened the path for disposition to a new owner. The sale to Baptist Health South Florida formalizes the bank's transition away from this particular office asset while allowing the healthcare system to expand its real estate holdings within the same municipality.
While the purchase price, building size, leasable area and parking capacity have been disclosed, the parties have not released additional transaction terms such as capitalization rate, financing structure or any targeted timeline for repositioning or occupying the building. The absence of a stated business plan leaves open whether Baptist Health will ultimately use the building primarily for its own operations, medical-adjacent functions or future leasing to third parties.
