NGKF Announces 3 Lease Transactions Totaling $200 Million, Half Million Square Feet

Newmark Grubb Knight Frank (NGKF) announces three of the largest Miami lease transactions totaling approximately $200 million and nearly half a million square feet of office space.
These transactions include the largest deal in the final quarter of 2015 and the fourth largest transaction in the South Florida market for 2015 — the relocation and lease of Burger King’s new corporate headquarters led by Vice Chairman Patrick Duffy.
The fast-food giant is scheduled to complete its new headquarters with sustainable designs by the third quarter of 2018. The Hogan Group, the Tampa-based firm responsible for the master-planned Waterford at Blue Lagoon corporate office park, will develop the 150,000-square-foot build-to-suit on five acres near the intersection of NW 57th Avenue and Blue Lagoon Drive. The site is ideally located in the Airport West submarket at 5707 Blue Lagoon Drive, providing direct access from the Miami International Airport and major roadways with highway visibility from the Dolphin Expressway. Burger King’s stand-alone Class A office building will feature panoramic views and several employee amenities.
Duffy and NGKF Vice Chairman Jon Bourbeau provided tenant representation services for Burger King and negotiated lease terms with Stephen Smith, vice president at The Hogan Group.
 

“Given rental inflation in the Miami office market and efficiency gains created in a new building, the cost of moving into a build-to-suit headquarters was less than remaining in an older facility. It also allowed Burger King to remain in a single-tenant building that preserves their corporate culture,” said Duffy. “Miami is seeing large tenants like Burger King rethink their space and relocation requirements to improve upon efficiencies and offer employees an environment beyond the traditional workplace.”

Duffy also closed two early lease restructures — a 116,000-square-foot lease for Citigroup N.A., and a 57,764-square-foot deal on behalf of Shook Hardy & Bacon. Citigroup’s restructure provided the ability to downsize from 157,000 square feet, while Shook Hardy & Bacon renegotiated its lease renewal well in advance of its expiration. Owned and operated by real estate management firm, Crocker Partners, both deals were executed at Miami Center, located at 201 S. Biscayne Boulevard, a Class A office building located in the CBD boasting views of the downtown Miami skyline. Together, these two tenants occupy nearly 30 percent of the 34-story office tower, which is 77 percent leased.
 
 

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