VERIZON TO OPEN LARGE OFFICE NEAR MIAMI AIRPORT

STORY HIGHLIGHTS

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.