Lennar bought 5505 Waterford, an eight-story setting up in Miami’s Blue Lagoon enterprise district that serves as the countrywide homebuilder’s headquarters.
A Lennar affiliate compensated $68 million for the place of work building at 5505 Blue Lagoon Travel, information and Vizzda show. A CBRE staff led by Christian Lee and Sean Kelly brokered the offer on behalf of the vendor, an affiliate of Chapel Hill, North Carolina-dependent Franklin Road Companions.
In 2003, Franklin Road paid $48 million for 5505 Waterford, which was earlier the headquarters for Burger King until finally the business moved out in 2016. 3 several years later, Lennar signed a lease for 156,000 sq. feet, symbolizing a few-quarters of 5505 Waterford, revealed experiences condition.
Through its possession, Franklin Avenue renovated the lobby, a tenant lounge and a 5,000-square-foot physical fitness centre. The agency also added a different degree to the parking garage, a push release states.
Led by Government Chairman and co-CEO Stuart Miller and co-CEO and President Jon Jaffe, Lennar is one of the nation’s premier housing developers. This thirty day period, Lennar bought hundreds of lots in its Sienna Reserve learn planned neighborhood in Kendall. The customer, an affiliate of Lennar that land banking institutions for the developer, paid out $15.7 million.
In November, the Pembroke Pines Metropolis Commission permitted a rezoning that will let Lennar to develop 58 townhomes on a 6.7-acre web site.
In spite of the distress happening in the national business office current market, South Florida saw a handful of trophy houses adjust fingers this yr. The top offer was the $250 million obtain of 801 Brickell by Monarch Option Cash and Tourmaline Money Companions in October. Nuveen Genuine Estate sold the 28-tale tower, which was 90 p.c leased at the time of the sale.
In April, a joint undertaking between Boca Raton-based mostly Pebb Enterprises and Aventura-based mostly BH Team paid out $104 million for Office environment Depot’s 650,000-sq.-foot campus. Pebb and BH plan to renovate the Boca Raton advanced, as well as include flats and retail.
