Risk Management Company Inks Miami’s Largest Office Lease Transaction YTD

Nuveen Real Estate, PIMCO Prime Real Estate, LLC, and Blanca Commercial Real Estate announced that Assurant, a leading global business services company that supports, protects and connects major consumer purchases, to the vibrant and rapidly growing Waterford Business District (WBD).

Totaling 78,000 square feet, Assurant’s lease at Waterford Business District is the largest office lease transaction year-to-date in Miami. The company will occupy suites 500, 600 and 700 at 701 Waterford Way.

Spanning 250 acres in the heart of Miami-Dade County and adjacent to Miami International Airport, the Waterford Business District provides prime accessibility to major residential and business hubs. WBD is the premier business center in South Florida comprising over 1.65 million square feet of exceptional office space.

Tenants are increasingly favoring the leasing of office spaces that surpass mere expectations, prioritizing factors such as a desirable location, convenience, and amenities that will contribute to employee well-being and overall satisfaction—elements that are inherent to WBD’s 7 Class A office buildings and its surroundings.

“Waterford Business District takes pride in offering a diverse range of amenities and thoughtfully crafted tenant community programs to cultivate an environment where individuals get genuine enjoyment from their work,” said Charles Russo, Nuveen’s Senior Director, Head of Southeast- Workplace, Retail, and Mixed-Use. “Companies, including Assurant, are increasingly drawn to dynamic hubs like Waterford due to the compelling combination of exceptional office spaces as well as a thriving business ecosystem. The real appeal lies in Waterford’s commitment to providing innovative work environments that align seamlessly with the evolving needs of today’s businesses, making it an irresistible destination for those seeking a lively workplace,” he adds.

Assurant’s decision to relocate to Waterford Business District shows its commitment to providing an office environment tailored to meet the evolving needs and preferences of its Miami-based workforce.

WBD has consistently attracted top-tier companies, with Subway and FedEx among its esteemed tenants underscoring the district’s commitment to providing top-quality office spaces within a vibrant campus setting. The recent addition of Assurant and continued investments by ownership further solidify WBD’s position as a true corporate campus committed to meeting the evolving demands of global enterprises.

Blanca Commercial Real Estate is the exclusive leasing agent for the WBD portfolio and the recent Assurant lease stands as the second-largest deal since Blanca assumed leasing responsibilities. Leading the leasing team are Juan Ruiz, Vice Chairman; Andres del Corral, Executive Vice President; Jack Davidson, Associate; Jessy Aguila, Marketing and Leasing Director; and Tere Blanca, Chairman & CEO.

Since 2019, Blanca has closed leases totaling over 1 million square feet of office space, including the Subway lease totalling more than 60,000 square feet. In January 2012, the ownership team facilitated the Burger King Built-to-Suit (BTS) deal sold to Apollo Steelbridge. Additionally, WBD was honored with a TOBY award, showcasing the excellence of the property which is managed by Cushman and Wakefield. This award highlights the overall success and quality of the joint venture’s WBD portfolio.

Brent Woodruff, Matthew Goodman, and Tyler Wyant from CBRE represented Assurant in this lease transaction.

“As the demand for innovative and enhanced office space and experiences continues to surge, Waterford Business District is ideally positioned to meet these needs head-on,” said Juan Ruiz, Vice Chairman of Blanca CRE. “Our commitment to providing a workplace that seamlessly blends cutting-edge amenities with unparalleled convenience resonates with companies seeking a dynamic and forward-thinking environment. Assurant’s move to WBD underscores the appeal of this thriving corporate district, where the fusion of exceptional office spaces and a wealth of amenities align perfectly with the evolving preferences of today’s businesses.”

The Waterford Business District has undergone notable transformations, establishing itself as a state-of-the-art corporate campus through forward-thinking initiatives and renovations. Led by the joint venture between Nuveen Real Estate and Allianz, whose participation in the JV is managed by PIMCO Prime Real Estate, LLC, these investments encompass various amenities such as a complimentary shuttle service, bike share programs, Tesla executive transportation, fitness centers, waterfront outdoor areas, and enhanced Wi-Fi connectivity. Upgrades extend to conference facilities, tenant lounges, restrooms, lobbies, and common areas, while tenant-engaging activities like outdoor yoga classes and gourmet food trucks contribute to the lively atmosphere. And with the WBD Tenant App providing regular updates on building events, access to amenities, and exclusive discounts, the tenant experience is further enriched.

The Waterford Business District offers a diverse array of office spaces catering to tenants requiring 1,000 to 140,000 square feet. Additionally, WBD presents unique build-to-suit opportunities with an additional 30 acres of fully entitled land that can accommodate up to 850,000 square feet of office space, 800 units of multi-family housing, 30,000 square feet of retail space, 500 restaurant seats, a 10,000 square-foot health club, and 962 hotel rooms. This distinctive proposition positions WBD as an ideal location for large enterprises who prefer a highly accessible, interconnected headquarters located in the vibrant heart of Miami.