Lennar pays $68M for its Miami headquarters property
National homebuilder acquired eight-story building from Franklin Street
Lennar purchased 5505 Waterford, an eight-story building in Miami’s Blue Lagoon business district that serves as the national homebuilder’s headquarters.
A Lennar affiliate paid $68 million for the office building at 5505 Blue Lagoon Drive, records and Vizzda show. A CBRE team led by Christian Lee and Sean Kelly brokered the deal on behalf of the seller, an affiliate of Chapel Hill, North Carolina-based Franklin Street Partners.
In 2003, Franklin Street paid $48 million for 5505 Waterford, which was previously the headquarters for Burger King until the company moved out in 2016. Three years later, Lennar signed a lease for 156,000 square feet, representing three-quarters of 5505 Waterford, published reports state.
During its ownership, Franklin Street renovated the lobby, a tenant lounge and a 5,000-square-foot fitness center. The firm also added another level to the parking garage, a press release states.
Led by Executive Chairman and co-CEO Stuart Miller and co-CEO and President Jon Jaffe, Lennar is one of the nation’s largest housing developers. This month, Lennar sold hundreds of lots in its Sienna Reserve master planned community in Kendall. The buyer, an affiliate of Lennar that land banks for the developer, paid $15.7 million.
In November, the Pembroke Pines City Commission approved a rezoning that will allow Lennar to build 58 townhomes on a 6.7-acre site.
Despite the distress occurring in the national office market, South Florida saw a handful of trophy properties change hands this year. The top deal was the $250 million purchase of 801 Brickell by Monarch Alternative Capital and Tourmaline Capital Partners in October. Nuveen Real Estate sold the 28-story tower, which was 90 percent leased at the time of the sale.
In April, a joint venture between Boca Raton-based Pebb Enterprises and Aventura-based BH Group paid $104 million for Office Depot’s 650,000-square-foot campus. Pebb and BH plan to renovate the Boca Raton complex, as well as add apartments and retail.