CBRE Arranges $68 Million Sale Of Class A Office Property In Miami

CBRE facilitated the $68 million sale of 5505 Waterford on behalf of Franklin Street Properties.

FSP BLUE LAGOON DRIVE LLC, an entity managed by Franklin Street, purchased the asset in November 2003 for $48,000,000.

The CBRE team, led by Vice Chairman Christian Lee and Vice President Sean Kelly, exclusively represented the seller. The CBRE team included Senior Vice President Amy Julian and First Vice Present Andrew Chilgren with CBRE’s Debt & Structured Finance Group, as well as Vice President Marcos Minaya, Senior Financial Analyst Tom Rappa, and Financial Analysts James Carr and Matthew Lee and CBRE Executive Vice President Gordon Messinger.

5505 Waterford is a 213,182-square-foot, Class A office asset located in Miami’s Waterford Business District. Previously serving as Burger King’s headquarters, the building has recently benefited from a major renovation that included a new grand lobby, tenant lounge, 5,000 sq. ft. fitness center and the addition of another level to the parking structure, providing for a market leading parking ratio. Additionally, tenants at 5505 Waterford benefit from its superior access to and visibility from the Dolphin Expressway.

While the buyer was not disclosed, outside sources have confirmed that Lennar purchased the property. Following Burger King’s 2018 move out of its headquarters to nearby 5707 Waterford at Blue Lagoon, publicly traded homebuilding giant Lennar became the property’s anchor tenant, signing a 16-year lease for roughly 156,000 square feet of space a year later.