Insurer Assurant has recently signed a 78,000-square-foot lease in Miami’s Waterford Business District. This deal marks the second-largest office lease in Miami this year, following MSC Group’s 130,000-square-foot lease at Block 55 in Overtown. The company will occupy three suites in a 10-story building at 701 Waterford Way, which is intended for 1,500 employees.
Assurant has been trying to sell its current 75-acre campus in South Miami Heights since last year. The property includes a 499,425-square-foot office building built mostly in the 1980s. However, the sale to Miami-Dade County for $160 million fell through due to appraisers valuing the property 30 percent above market value.
The Waterford Business District is located just south of Miami International Airport and spans 250 acres with 1.65 million square feet of office space. Tenants in the district include Subway, Toyota, FedEx, Sony, Gilead, and Novartis. Brokers from Nuveen and PIMCO, as well as Blanca Commercial Real Estate and CBRE, were involved in the lease deal.
Assurant is excited about this move to a new and vibrant business district in Miami. The company believes that this location will provide its employees with more opportunities for growth and development while also allowing them to work closely with other innovative companies in the area. With its prime location and modern amenities, Assurant is confident that it will be able to attract top talent and continue to thrive in this dynamic city.
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