The Real Deal Miami

Insurance firm buys into Miami office park with $375M deal

Two companies have partnered before for Houston office park
November 12, 2015 05:00PM

The 5200 Waterford office building, one of six included in the joint-venture

Two major financial service companies just announced their $375 million joint-venture for the Waterford at Blue Lagoon office park near the Miami International Airport.

Allianz Real Estate of America, the real estate arm of an international insurance company, has purchased a 49 percent stake of six Class A office buildings in the park, totaling more than 1.4 million square feet of space. Also included in the sale are two parcels of land with 26 acres, according to the announcement.

TIAA-CREF, a major U.S. insurance company, is the seller. The firm will maintain a 51 percent interest in the property and will act as the “operating partner,” according to a press release.

Waterford is in the midst of adding another office building to its portfolio: a 10-story tower with 250,000 square feet is in the planning stages for the parcel at 800 Waterford.

Including that new development, this deal works out to roughly $227 per square foot of office space.

(Click to enlarge) A map of the Waterford at Blue Lagoon office park near the Miami International Airport. Red arrows indicate the buildings included in the deal

The addresses for the office buildings are 1000 Northwest 57th Court, 5200 Blue Lagoon Drive, 5201 Blue Lagoon Drive, 5301 Blue Lagoon Drive, 701 Northwest 62nd Avenue and 703 Northwest 62rd Avenue.

“Allianz has a strong relationship with TIAA and the Waterford assets are excellent additions to our growing portfolio,” Christoph Donner, CEO of Allianz Real Estate of America, said in a statement.

The two companies are also partnered for a 1.7 million-square-foot office park in Houston, Texas, called Four Oaks Place.

— Sean Stewart-Muniz