Mercantil Commercebank buys its headquarters building in Coral Gables

Mercantil Commercebank said Friday that its subsidiary has paid $75 million to purchase the 220 Alhambra building in Coral Gables, the site of bank’s headquarters for nearly 17 years.

The 175,000 square foot, class ‘A’ office building was built in 1997 and is located at the intersection of Ponce de Leon Boulevard and Alhambra Circle in downtown Coral Gables. Mercantil Commercebank currently occupies about 44 percent of the building and plans to lease additional space.

Mercantil Commercebank’s parent is Mercantil Servicios Financieros, the largest financial services provider in Venezuela. Mercantil Commercebank has $7.8 billion in assets and 21 banking centers, including 15 in South Florida, five in Houston, and one in New York.