Miami’s Largest Office Lease Transaction in 2024 Signed at Waterford Business District

Miami's prestigious Waterford Business District (WBD) continues to solidify its position as a premier corporate destination with the recent signing of a significant lease by global business services company Assurant. The lease, encompassing an impressive 78,000 square feet, marks the largest office transaction in Miami so far this year, further enhancing the district's reputation as a hub for top-tier businesses. Brent Woodruff, Matthew Goodman, and Tyler Wyant from CBRE represented Assurant in this lease transaction.

Situated on 250 acres adjacent to Miami International Airport, the WBD offers unparalleled accessibility to major residential and commercial centers. Boasting over 1.65 million square feet of prime office space across 7 Class A buildings, the district provides tenants with a blend of convenience, amenities, and a thriving business ecosystem.

"At Waterford Business District, we take pride in curating an environment where individuals find genuine enjoyment in their work," remarked Charles Russo, Nuveen's Senior Director and Head of Southeast- Workplace, Retail, and Mixed-Use. "Companies like Assurant are drawn to dynamic hubs like ours because of the exceptional office spaces and thriving business community. Our commitment to innovation and meeting the evolving needs of businesses makes WBD an irresistible destination."

Assurant's decision to relocate to WBD underscores its dedication to providing a workspace tailored to the evolving needs of its Miami-based workforce. The company joins esteemed tenants such as Subway and FedEx, further reinforcing the district's commitment to excellence.

Blanca Commercial Real Estate, the exclusive leasing agent for the WBD portfolio, facilitated the lease, marking one of their largest deals to date. "Our commitment to providing a workplace that blends cutting-edge amenities with convenience resonates with companies seeking a dynamic environment," stated Juan Ruiz, Vice Chairman of Blanca CRE.

Under the joint venture between Nuveen Real Estate and Allianz, managed by PIMCO Prime Real Estate, LLC, WBD has undergone significant transformations, establishing itself as a state-of-the-art corporate campus. Investments in amenities such as shuttle services, fitness centers, and waterfront outdoor areas, coupled with tenant-engaging activities, contribute to the district's vibrant atmosphere. Moreover, WBD presents unique build-to-suit opportunities with an additional 30 acres of fully entitled land, making it an ideal location for large enterprises seeking a highly accessible headquarters in the heart of Miami.

Leading Venture Capital Firms Founders Fund And Atomic Sign 10-Year Leases At Wynwood Annex

Miami’s push to attract the tech industry continues in hyperdrive as leading venture capital firms Founders Fund and Atomic have signed 10-year leases at Wynwood Annex. OpenStore, an e-commerce joint venture between Founders Fund and Atomic, has also signed a 5-year lease for space in Wynwood Annex. The leases total over 22,000 SF and asking rents were $57 PSF at the time of lease. The deal was overseen by Tony Arellano of DWNTWN Realty Advisors, who represented the landlord, and Matthew Goodman, Adam Bernstein and Jeff Gordon of JLL, who represented the lessee’s.

Wynwood Annex is located at 215 NW 24th St. and spans 65,000 SF over 8-stories. The property was completed in 2019 and was developed by Related Group and East End Capital. Wynwood Annex features 60,000 SF of office space and 5,000 SF of ground floor retail space.

Founders Fund is led by PayPal co-founder Peter Thiel and was formed in 2005. The firm currently has more than $6 billion in aggregate capital under management and invests across all stages and sectors, including aerospace, artificial intelligence, advanced computing, energy, health, and consumer Internet, with a portfolio that includes Airbnb, Lyft, Spotify, Stripe, and Oscar Health. Founders Fund was the first institutional investor in SpaceX and Palantir Technologies, as well as was an early investor in Facebook.

Atomic is a startup studio and investment fund led by Jack Abraham. The firm was founded in 2012 and has co-founded over 18 companies including Hims, Bungalow, Homebound, Paravision, Raydiant and TalkIQ.

Family On Demand Senior Assistance Platform Papa Inc. Signs Lease For The Brickell Building

Papa, Inc., a leading technology-enabled platform that provides a service to assist older adults & families, has signed a lease for their new headquarters and will consolidate and relocate to The Brickell Building, located in the heart of Miami’s Financial District. Co-Founder of DWNTWN Realty Advisors, Tony Arellano P.A., has arranged a lease on behalf of the Brickell Building with Papa, Inc. who was represented by JLL’s Jeff Gordon and Matthew Goodman.

“This new headquarters for Papa underscores the ongoing evolution of office space,” Arellano said. “The lease is also a case study for the business models of office users are adjusting to the new dynamic of office requirements.”

Papa’s new headquarters in The Brickell Building will be 11,420 sq.ft. and will be occupied by only executive staff and offer rotating office needs. The company will utilize a working-from-home strategy for non key executives that proved to be successful throughout the pandemic. This strategy will reduce their office footprint that used to be over 25,000 sq.ft. 

Papa was founded in 2017 by Andrew Parker and specializes in “family on demand” assistance for seniors. The service helps older people remain living independent and securely at home. It offers in-person assistance and now has adapted to also offer virtual assistance through the pandemic. Papa’s new headquarters will be located at 66 SW Sixth Street. 

City National Bank & UBS Lease 142,000 SF Of Office Space Valued At $75.1 Million At Miami Tower

City National Bank of Florida and UBS have inked deals to lease 142,000 SF of office space valued at $75.1 million at Miami Tower, a 47-story, landmark office skyscraper at 100 SE Second St. in Downtown Miami. The leases bring Miami Tower to 94% occupancy, outpacing Downtown Miami Class A office space market. The transactions were overseen by Transwestern’s South Florida Agency Leasing Team with Transwestern Managing Director Glenn H. Gregory and Vice President Christopher Dubberly provide leasing services on behalf of Miami Tower ownership.

City National Bank, the third-largest Florida-based bank, signed a long-term lease renewal and 57,000 SF expansion for a total footprint of 105,000 SF at Miami Tower. Upon its purchase of TotalBank in June 2018, City National Bank made the decision to expand within the building to accommodate its new headquarters, which the Transwestern team expedited. Matthew Goodman and Jeff Gordon of JLL represented the tenant. In addition, multinational investment bank and financial services company UBS renewed its 37,000 SF lease. Tony Jones of Cushman & Wakefield represented the tenant in the long-term lease.

“The transactions with City National Bank and UBS represent tenants’ ongoing attraction to Miami Tower as a preferred location, boasting nearby amenities and direct access to Interstate 95,” said Dubberly. “City National Bank had multiple options for where to place its headquarters, from owned to leased space, and, ultimately, Miami Tower’s attributes and the nimbleness of our team secured the deal.”

Transwestern was retained to lease Miami Tower in January 2017 when the building was 80.8% occupied. The team has since increased the building’s occupancy rate to 94.2 %, which significantly outpaces the downtown Miami office market’s average Class A occupancy, which is currently 78.3%. According to research by Transwestern on the two Miami Central Business District submarkets, Class A rent in downtown Miami averages at $44.97 per square foot, compared to Brickell’s $51.21 per square foot.

“With one of the lowest vacancy rates in downtown, Miami Tower stands out as a market leader on par with Brickell’s more expensive Class A office options,” said Gregory. “While Brickell has a Class A vacancy rate below 10 percent, compared to that of downtown at nearly 22 percent, it’s worth noting that more than 60 percent of downtown’s vacant space is contained within just two buildings. As those buildings compete for new leases, we’re pleased that Miami Tower is in such a positive position.”

Miami Tower is one of the tallest buildings that illuminates Miami’s skyline. Centrally located in Downtown, the LEED Gold building features a state-of-the-art conference facility, fitness center, the only on-site Metromover station in Downtown, and access to many restaurant, retail, and hotel options.

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