AVR Realty spends $239M to buy Telemundo’s HQ
SunTrust affiliates sold the two-building, 560K sf complex
Telemundo’s new headquarters just sold for $239.1 million to AVR Realty, an investment and development firm based in Yonkers, New York.
Property records show TM Miami FL Landlord LLC sold the 476,000-square-foot headquarters for the Spanish language network, which is owned by Comcast’s NBCUniversal. The seller of the two-building campus at 1 Telemundo Way is controlled by SunTrust Bank’s SunTrust Equity Funding.
Three companies controlled by Allan Rose’s AVR Realty bought the property, which is within the Beacon Lakes industrial park in northwest Miami-Dade County. AVR took over a nearly $185 million loan from Wells Fargo.
Comcast said it would invest more than $250 million into the 21-acre project when it broke ground in February 2016.
The “30 Rock of the South” complex features 13 studios, two digital labs, virtual and augmented reality sets and has space for 1,200 employees with the potential for 1,500, according to the Hollywood Reporter. It opened in April, and houses more than 100,000 square feet of executive offices, the Telemundo Network’s news, sports and entertainment divisions, Telemundo Global Studios, Telemundo International, Universo, Digital Media operations and NBCUniversal International Latin American.
Comcast acquired a majority stake in NBCUniversal in 2011 for $6.5 billion. Telemundo is the second-largest Spanish-language network behind Univision.
Beacon Lakes spans 478 acres and is home to Ryder Logistics, Panalpina and Amazon, among other tenants. The Telemundo lease was among the most valuable leases in Miami-Dade history, Cushman & Wakefield said at the time, but declined to provide a value.
AVR Realty also owns the Marriott Courtyard Convention Center Hotel in downtown Miami and apartment complexes in Davie and Pembroke Pines, according to its website. Nearly a year ago, it paid $69 million for the Boca Raton Marriott at Boca Center.