VERIZON TO OPEN LARGE OFFICE NEAR MIAMI AIRPORT

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STORY HIGHLIGHTS

  • Verizon secures 51,484-square-foot office in Waterford Business District.
  • Employees will relocate from current office near Medley and Doral.
  • Waterford Business District undergoes renovations to attract global companies.

Cell phone giant Verizon secured a 51,484-square-foot-office in the Waterford Business District, a 250-acre corporate business park that is across the 836 highway from Miami International Airport.

Verizon (NYSE: VZ) is expected to open its new office at 5200 Waterford District Drive in Suites 500 and 600 in July, said a spokeswoman for Blanca Commercial Real Estate, the brokerage that represented office landlords Nuveen Real Estate and Pimco Prime Real Estate in the lease negotiations. The employees, which include administrative, executive and leadership positions, will be relocating from Verizon’s present office in the region at 9700 N.W. 112 Ave. near Medley and Doral in western Miami-Dade County.

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The 145,352-square-foot office building in Medley was sold to industrial developer Prologis (NYSE: PLD) for $54.5 million, which has plans to demolish the structure and replace it with a warehouse complex. The building currently serves as the headquarters of Verizon’s subsidiary, TracFone Wireless.

Verizon did not immediately return inquiries for comment so it isn’t clear if the future office in Waterford will serve as a new headquarters for its TracFone subsidiary. Verizon acquired TracFone, a pre-paid mobile phone provider, from Mexico City-based América Móvil in a deal valued at $6.9 billion back in September 2020. At the time TracFone had about 850 employees.

John Marshall and Josh Kuriloff of Cushman & Wakefield represented Verizon in the lease negotiations. Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca, and Jessy Aguila of Blanca CRE represented the landlords.

Cushman & Wakefield declined to comment. However,Charles Russo, Nuveen Real Estate’s asset management lead for the east region, said Verizon’s lease agreement “reflects the strength of Miami’s office market and validates our ongoing investment in creating a premier corporate environment.”

“As we continue enhancing our amenities and sustainability initiatives, Waterford remains uniquely positioned to serve forward-thinking global companies seeking modern, flexible workspaces,” Russo said.

The 5200 Waterford building is among seven buildings that Nuveen and Pimco (formerly Allianz Real Estate) owns within the 250-acre Waterford Business District that have undergone extensive renovations that include fitness centers, tenant lounges, and meeting rooms. The property owners also will launch a shuttle service that will connect tenants to the Miami Intermodal Center near the airport and Brightline’s MiamiCentral station, according to Blanca CRE.

Among the companies that lease space within that portfolio include Atlanta-based insurance giant Assurant, which relocated its Miami regional office to a 78,000-square-foot office at 701 Waterford Way last year.

Other companies that have corporate offices in Nuveen and Pimco owned buildings in the WBD include Subway, Independent Living Systems, and the Miami Herald. Cardenas Marketing Network, a concert promotor for Latin music artists such as Bad Bunny and Marc Anthony, is anticipated to move its Miami-Dade office into a 10,522-square-foot office later this year.

The headquarters for Lennar Corp. (NYSE: LEN) is in the Waterford Business District as well, but the homebuilding giant owns the eight-story building where its corporate office is located. Lennar acquired the 5505 Blue Lagoon Drive building from Franklin Street Properties for $68 million in December 2023. Its only other tenant is the corporate office of Burger King.

BLANCA CRE ARRANGES 51,484 SF OFFICE LEASE IN MIAMI FOR VERIZON

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MIAMI — Blanca Commercial Real Estate (Blanca CRE) has arranged a 51,484-square-foot office lease for Verizon in Miami. Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca and Jessy Aguila of Blanca CRE represented the property’s ownership, a joint venture between Nuveen Real Estate and PIMCO Prime Real Estate, which acts on behalf of Allianz insurance companies.

John Marshall and Josh Kuriloff of Cushman & Wakefield represented Verizon in the lease negotiations. Verizon’s new space will be situated within Waterford Business District, a 250-acre campus that comprises more than 3 million square feet of office space.

TWO MAJOR BACK-2-BACK LAS OLAS OFFICE SALES SIGNAL FORT LAUDERDALE’S MARKET STRENGTH

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Key Points:

  • $428M in Office Deals : Two Las Olas office complexes changed hands for a combined $428 million, showing strong investor confidence.
  • More Affordable Than Miami & Palm Beach : Downtown Fort Lauderdale’s office rents average $53.36 per square foot, significantly lower than Miami’s Brickell and West Palm Beach.
  • New Class A Office Space Incoming : The upcoming T3 FAT Village development will add 180,000 square feet of premium office space, boosting Fort Lauderdale’s appeal.

Big Sales on Las Olas: What Investors Need to Know

Fort Lauderdale’s office market may not be grabbing the national spotlight like Miami’s Brickell or West Palm Beach, but recent high-profile transactions on Las Olas Boulevard prove there’s still serious value in the city’s commercial real estate.

In February, two major Class A office properties were sold for a combined $428 million, marking some of the largest office deals in South Florida this year. These transactions suggest that Fort Lauderdale remains an attractive and undervalued market for investors looking for stable returns.

The Properties: Who Bought What?

Las Olas Centre Towers (350 & 450 E. Las Olas Blvd.)

  • Sold for: $208 million
  • Buyer: Bradford Allen Investment Advisors (Chicago-based)
  • Occupancy: 69%
  • Planned Upgrades: $25 million in renovations

Bank of America Plaza at Las Olas City Center (401 E. Las Olas Blvd.)

  • Sold for: Over $220 million
  • Buyers: Square2 Capital, Highline Real Estate Capital, and Lone Star Funds
  • Occupancy: 94%
  • Key Feature: Recently renovated, maintaining its trophy property status

Unlike other South Florida suburban office transactions, which have seen properties sell at a loss, these sales maintained their value—a promising sign for Fort Lauderdale’s office sector.

“The acquisition of Bank of America Plaza at Las Olas Centre reflects our confidence in the long-term strength of the South Florida office market and the continued demand for high-quality, well-located assets. At Square2 Capital, we take a strategic, hands-on approach to repositioning officeproperties, creating environments that attract top-tier tenants and drive long-term value. 401 Las Olas Boulevard aligns perfectly with this vision, reinforcing our commitment to downtown Fort Lauderdale’s growth and evolution as a premier business hub. Our past success with 501 & 515 Las Olas demonstrated the power of thoughtful asset transformation, and we look forward to applying that same expertise to this landmark property in partnership with Highline Real Estate Capital and Lone Star Funds,” said Jay Caplin, Principal at Square2 Capital.

Why Fort Lauderdale? The Market’s Unique Strengths

Despite Broward County’s drop from No. 10 to No. 21 among mid-sized U.S. office markets, investors are recognizing Fort Lauderdale’s affordability and strategic location.

  • Lower Office Rents:
    • Downtown Fort Lauderdale: $53.36 per sq. ft.
    • Hallandale (Broward’s priciest submarket): $56.53 per sq. ft.
    • Brickell (Miami’s prime office hub): Up to $100 per sq. ft.
  • Strong Infrastructure & Workforce:
    • Downtown Fort Lauderdale’s population grew 38% from 2020 to 2024.
    • The city has a large talent pool within walking distance of office hubs.
  • Central Location Advantage:
    • Positioned between Miami and West Palm Beach, making it an attractive alternative to higher-priced markets.

“Downtown Fort Lauderdale’s two major office acquisitions reflect the market’s strength and growing appeal to investors. Fueled by shifting demographics, a desirable lifestyle, and unmatched accessibility, the city has evolved into a vibrant, year-round destination with thriving neighborhoods and a strong job market. As a result, Downtown Fort Lauderdale continues to draw both office tenants and urban residents. These acquisitions send a strong signal to the market that investors recognize the city’s value and long-term potential as a premier destination to live and work,” said Christina Stine Jolley, Senior Vice President & Broward Market Lead at Blanca Commercial Real Estate.

What’s Next? New Office Supply on the Horizon

T3 FAT Village (Flagler Village) – A Game Changer

  • Developer: Hines & Urban Street Development
  • Size: 180,000 square feet of new Class A office space
  • Leasing Demand: Already attracting high interest from potential tenants

With few new office projects delivered in recent years, this development could help Fort Lauderdale compete with Miami and West Palm Beach in attracting new-to-market tenants.

Final Takeaway: A Market to Watch

The $428 million in office transactions and the addition of new premium office space signal that Fort Lauderdale is still a strong and growing office market. With lower rents than its neighbors, increasing demand, and strategic investments, the city is positioning itself as a prime destination for companies and investors alike.

While Fort Lauderdale’s office sector may not dominate the headlines like Miami’s Brickell, it remains one of South Florida’s most attractive undervalued opportunities. Investors who recognize this early could benefit from rising demand and future value growth.

Published: February 24, 2025

 

HINES’ T3 FAT VILLAGE GOES VERTICAL

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Blanca Commercial Real Estate, in collaboration with Hines, the global real estate investment manager, and Urban Street Development, announced that construction is underway on T3 FAT Village, an innovative office component within the larger 5.5-acre FAT Village development currently under construction at 501 Andrews Avenue in Downtown Fort Lauderdale.

With an anticipated delivery in November 2026, T3 FAT Village is the only new office project of its kind currently rising in the Fort Lauderdale market. The office portion of the master plan marks a significant milestone as the first mass timber office building in the region and sets new standards for sustainability and innovation in South Florida’s commercial real estate landscape.

“With its cutting-edge timber design and unparalleled sustainability, T3 FAT Village is set to become the heartbeat of Fort Lauderdale’s office scene, attracting visionary companies eager to redefine their workspaces,” said Tere Blanca, Founder, Chairman and CEO of Blanca Commercial Real Estate. “It is an honor to play a role in delivering such an innovative project to our community.”

As the only new office building in Fort Lauderdale, T3 FAT Village stands out with its innovative mass timber construction, offering tenants a unique blend of sustainability and modern design that is unmatched in the market. The project is the latest addition to Hines’ acclaimed T3 (Timber, Transit, Technology) portfolio, delivering unparalleled access to transit, cutting-edge design, and a focus on sustainability. Catering to modern businesses seeking collaborative and efficient workspaces, T3 FAT Village underscores Fort Lauderdale’s commitment to progressive development and increased involvement in reshaping the office market in South Florida.

The broader FAT Village development, which broke ground in March 2024, spans 5.6 acres across the vibrant Flagler Village neighborhood. This integrated, mixed-use creative office, retail, and residential urban development celebrates the history and artistic spirit of the area. This dynamic new district will add to Fort Lauderdale’s live-work-play urban environment, introducing curated food and beverage options, entertainment, and art galleries alongside the workplace component.

Conveniently located within walking distance of Fort Lauderdale’s Brightline station, FAT Village provides seamless connections to Miami, Aventura, Boca Raton, West Palm Beach, and Orlando. Its proximity to cultural attractions, the Las Olas corridor, major highways,  Fort Lauderdale-Hollywood International Airport, and Port Everglades add to its appeal as a hub for urban connectivity.

“As the first mass timber office building in the region, T3 FAT Village is not just changing the skyline, it is redefining how we think about workspace design, sustainability, and urban living in Fort Lauderdale,” said Christina Jolley, Senior Vice President & Broward Market Leader at Blanca Commercial Real Estate. “FAT Village combines sustainability, wellness, and accessibility, and is set to become the new center of gravity for Fort Lauderdale,” she added. 

The first phase of the development will feature 180,000 square feet of creative office space in the East Building, along with 600 multifamily residential units spanning over 400,000 square feet. Additionally, experiential retail spaces will anchor the base of every building, encompassing approximately 80,000 square feet, with the total project size reaching over 800,000 square feet.

“T3 FAT Village is more than a building, it is a bold statement about where Fort Lauderdale’s future is headed,” said Alan Kennedy, Managing Director at Hines. “By combining cutting-edge sustainability with innovative design, we are creating a workspace that will set a new standard for the area. As Fort Lauderdale continues to grow dynamically, T3 FAT Village will stand as a benchmark for the next generation of businesses seeking to thrive in a modern, connected, and environmentally conscious landscape,” he added. 

The office component of T3 features a heavy timber design that avoids over a thousand metric tons of carbon dioxide emissions – the equivalent to taking 996 cars off the road – while also supporting sustainable forestry practices by using young trees instead of old-growth timber. Other features include touchless technologies for enhanced hygiene, LEED Gold Certification, and WiredScore Certification, ensuring a best-in-class technology experience.  From panoramic views and private outdoor balconies to a state-of-the-art fitness center and social workspaces, T3 FAT Village delivers the ultimate modern office experience designed for both productivity and wellness. Set to deliver in November 2026, T3 FAT Village is poised to become the epicenter of innovation and sustainability in Fort Lauderdale’s growing office scene.

 

BLANCA CRE SECURES LONG-TERM 42,000 SF LEASE RENEWAL AT AVENTURA CORPORATE CENTER

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Blanca Commercial Real Estate has arranged Morgan Stanley’s long-term office lease renewal for 42,422 square feet at Aventura Corporate Center, a 250,000-square-foot Class A office campus at 20801, 20803 and 20807 Biscayne Boulevard in Aventura.

Christina Jolley of Blanca CRE represented the landlord in this lease renewal, while Adam Bernstein and Zach Wendelin of JLL represented Morgan Stanley. The Blanca team also provides property management services at Aventura Corporate Center.

This renewal underscores the continued confidence that global financial firms have in Aventura and across the Miami metropolitan area, as leading companies including Morgan Stanley solidify their long-term presence in the South Florida region. According to Blanca’s Q4 ’24 Miami-Dade Office Market Report, financial firms accounted for 35% of Miami-Dade’s office leasing activity, reflecting a broader trend of sustained demand for high-quality office space. As the Miami region further establishes its position as a global financial hub, major institutions are choosing to maintain and expand their footprint in prime locations like Aventura Corporate Center, drawn by its premium amenities, accessibility, and business-friendly environment.

“Morgan Stanley’s long-term recommitment speaks to the strength of the Aventura office market and its appeal to financial services firms, said Jolley, Senior Vice President & Broward Market Leader at Blanca CRE. “With its strategic location, premium amenities and seamless accessibility, Aventura Corporate Center continues to be a top choice for companies seeking a high-quality office environment.”

Located in the heart of Aventura, the office campus benefits from seamless connectivity to major business districts via Biscayne Boulevard and I-95, as well as convenient access to Brightline’s new Aventura station, improving mobility for professionals commuting between Miami,  Fort Lauderdale, Boca Raton, West Palm Beach and Orlando. Aventura’s growing appeal among family offices, wealth management firms, and other financial institutions, including professional services firms, strengthens its status as a key destination for businesses seeking a sophisticated and well-connected office environment in Miami-Dade in close proximity to schools and varied housing and shopping options.

 

MEET THE 2025 POWER LEADERS 250 – PART 4: REAL ESTATE

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Tere Blanca

Founder and CEO, Blanca Commercial Real Estate

Miami

Tere Blanca

PASCALOLLINGER.COM

Blanca founded her firm in 2009 and has leased more than 15.5 million square feet, most recently in The Main Las Olas in Fort Lauderdale and The Plaza Coral Gables. The firm is currently representing T3 FAT Village, a mixed-use urban development in Fort Lauderdale.

Birthplace: Havana

Education: B.B.A. and MBA, University of Miami

Biggest challenge facing my industry: Continuing to attract top young, diverse talent into the brokerage business.

“Chance” event that most impacted my life: Running into my (unbeknownst to me) future husband nearly 20 years ago at a mutual client holiday party.

Message to the next-gen workforce: There is no such thing as having perfect balance every day. Learn and seek to identify and act on top priorities every day.

My latest binge: Chocolates