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.

Nuveen Brings In Proptech Startup Lane To Manage Waterford Business District In Miami

Nuveen Real Estate­ has announced that they will bring in proptech startup, Lane, to manage the Waterford Business District in Miami. Lane will implement their workplace experience platform and mobile app at Waterford Business District which is one of the most prominent corporate office complexes in the Southeast U.S. Located near Miami International Airport, Waterford houses more than 100 multinational corporations and has one of the highest concentrations of regional and Latin American headquarters in South Florida. Waterford Business District is a joint venture between Nuveen and Allianz Real Estate

“Launching our technology across seven office buildings in the midst of a global pandemic was no small feat, but we were inspired by Nuveen’s commitment to creating a unified workplace culture within the District,” said Clinton J. Robinson, CEO and Co-Founder of Lane. “It’s not every day that you get to help revitalize one of the country’s leading corporate destinations, and we are very proud to help bring the future of work to Waterford.”

“We are excited to put an expanded digital and on-site amenity offering at the fingertips of our tenants,” said Chad Phillips, Managing Director, Head of U.S. Office & Portfolio Manager, Nuveen Real Estate. “We want the professionals in our buildings to have a go-to mobile-friendly source for building announcements, amenities, and programming. The app is also another avenue for tenant feedback. We want to facilitate clear, consistent communication with our tenants, and hear directly from them on how to provide the best workplace experience. This is a part of a programmatic initiative to engage with our tenants both onsite and online. This year we are rolling out tenant engagement apps at nearly 20 office buildings in our U.S. portfolio, with more digitization projects planned for years to come.”

Designed to transform the workplace into a thriving, connected ecosystem, Lane integrates building systems into a single, centralized and user-friendly digital platform. Lane streamlines all aspects of day-to-day office life for tenants and property managers alike, from room bookings and guest registration to maintenance, communications and tenant engagement, all optimized using data to drive insights.

At Waterford Business District, Lane’s web and mobile platform will help streamline per-building and District-wide communications and empower tenants to access new amenities and services with ease, including the free shuttle service, Freebee; bike-share program, Zybra; FlashParking, a smart-parking program exclusively for District tenants; and virtual yoga. 

In the midst of Covid-19, the Lane platform is also helping property teams coordinate efforts for their tenants amid the evolving global health pandemic by managing occupancy through room bookings, ensuring tenants feel safe through surveys and real-time feedback, sharing building and cleaning protocols, safety measures, and other important updates, engaging tenants remotely through virtual content, amenities, and events. 

“Formerly known as Waterford at Blue Lagoon, Waterford has been synonymous with the biggest businesses, not only in Miami, but in the Southeast U.S., for decades,” said Charles Russo, Senior Director, Southeast Regional Head, Office Americas, Nuveen Real Estate. “In 2019, we embraced the office park’s business-focused identity and re-emerged as Waterford Business District. Since then, we have invested significantly in capital improvements focused on setting a new standard as a cutting-edge hub for global business in Florida.” Russo added, “Our strategic partnership with Lane has now allowed us to bring our new amenities and services into one seamlessly connected platform where tenants can access everything the District has to offer from their computer or mobile device.”  

Waterford Business District is home to key players in healthcare, technology, manufacturing, transportation, finance, logistics, hospitality and insurance, as well as numerous local organizations and startups. 

Blue Lagoon Community Gets Much-Needed Rental Development Soleste and A New Name

The Estate Companies, a leading developer of luxury multi-family projects throughout South Florida, has secured its certificate of occupancy (CO) for Soleste Blue Lagoon, a luxury, eight-story development with 330 rental units located at 5375 NW 7th Street in Miami.

The project broke ground in 2017 and move-ins began in October. Because Soleste Blue Lagoon is the only Class A market-rate project in the Blue Lagoon community, home to over 100 multinational companies, it quickly achieved 65 percent lease-up. The Blue Lagoon office community also recently announced a $10 million makeover and name change. The 250-acre office park will rebrand itself as the Waterford Business District, in order to remain competitive with Miami’s growing office market.

Tenants can select from a variety of studios, one, two and three-bedroom units outfitted with sleek, modern kitchens with custom cabinets, quartz countertops and designer lighting, dual master suites, spacious walk-in closets and private balconies overlooking Blue Lagoon Lake. Pricing starts in the $1,500’s for studios, $2,100’s for two-bedrooms, and $2,600’s for three-bedrooms.

“We are proud to deliver this transformative development to the Blue Lagoon area,” stated Robert Suris, managing principal, The Estate Companies. “Our firm is committed to developing beautiful and highly-amenitized communities at a competitive price point. This winning combination makes Soleste Blue Lagoon an attractive and dynamic option for high-quality, professional tenants.”

Like all projects within the Soleste Living brand portfolio, Soleste Blue Lagoon is curated with a vast collection of health and wellness offerings and social components, including a lakeside pool with spa, sundeck and private cabanas, co-ed spa with steam room and sauna, aerial yoga studio, state-of-the-art health and fitness club, spinning room with digital fitness instruction, rooftop garden with life-size chess, hammock and yoga lawn, and an electric car charging station.

This milestone comes on the heels of the firm’s grand opening of Soleste Twenty2, a 338-unit rental community, which is also experiencing high velocities at the current price points.

The Estate Companies is on track to deliver an additional 519 units this year with Soleste Alameda and Soleste Bay Village and has an additional 2,196 units in its pipeline slated for delivery early next year. Notable upcoming projects include Soleste Bay Village, Soleste Grand Central and Soleste Spring Gardens, among others. Its project portfolio features a mix of garden-style, mid-rise and high-rise rental developments in Dade and Broward counties.

By Katya Demina