Burger King just signed a whopper of a lease for new office space near the Miami International Airport, where the fast food giant plans to move its headquarters.
The lease, brokered by Newmark Grubb Knight Frank, includes 150,000 square feet in a built-to-suit structure in the Waterford at Blue Lagoon office park. Located at 5707 Blue Lagoon Drive, the building is being developed by the Tampa-based Hogan Group, which had a major hand in building the office park alongside TIAA-CREF.
Burger King already occupies a 200,000-square-foot space in a neighboring office building. In 2014, the fast food chain’s parent company merged with Canada’s Tim Hortons, forming the new conglomerate Restaurant Brands International.
“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 Patrick Duffy of NGKF, who represented Burger King along with his colleague Jon Bourbeau. “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.”
Hogan expects construction of the five-story building to wrap up in 2018. — Sean Stewart-Muniz