Nuveen Real Estate and Pimco put an office building at the Waterford Business District in Miami-Dade County on the market, The Real Deal has learned.
The companies listed the 10-story 1000 Waterford at 1000 Northwest 57th Court, across from Miami International Airport, according to listing brokers John Crotty and Brian C. de la Fé of Avison Young. Bids for the building, which hit the market unpriced, are due Sept. 12.
1000 Waterford is the latest Miami-Dade office property to hit the market. Landlords have been listing their buildings, some at record asking prices, amid elevated interest rates and questions over the office market’s viability due to remote work.
1000 Waterford is 80 percent occupied, according to Crotty. Tenants include nonprofit American Nicaraguan Foundation, law firm Mintzer Sarowitz Zeris Ledva & Meyers, AP Global Realty and CareMax. Subway opened its global dual-headquarters at the building last year.
1000 Waterford was completed in 2009 and sits on an 18.6-acre lot that includes an adjacent garage and submerged land in the adjacent lake, according to property records.
The most recent comparable sale is Lennar’s $68 million December purchase of the 5505 Waterford office building at 5505 Blue Lagoon Drive at the WaterBlue Lagoon business district, which is adjacent to the Waterford Business District.
The deal for the 213,200-square-foot 5505 Waterford broke down to nearly $319 per square foot. At this price, the 247,400-square-foot 1000 Waterford could fetch $78.9 million.
New York-based Nuveen and Newport Beach, California-based Pimco own the 250-acre Waterford Business District, consisting of 3 million square feet of offices, as well as hotels, restaurants and amenities. In 2020, Nuveen and Pimco rebranded the business complex to Waterford Business District from its previous moniker, Waterford at Blue Lagoon, after a $10 million capital improvement. The investment followed a $10 million renovation in 2019.
Nuveen, an investment arm of TIAA, is led by CEO Mike Sales. Pimco, which managed more than $1.88 trillion in assets as of June 30, according to its website, is led by CEO Emmanuel Roman.
South Florida’s office market benefitted from an influx of companies over the past four years, creating a leasing frenzy and pushing rents in some submarkets to new highs. But more recently, the tri-county region has felt the sting from an office market slowdown.
Against this backdrop, some owners have continued to put their buildings on the market. In April, Nuveen put the 33-story bayfront 701 Brickell tower in Miami’s Brickell neighborhood on the market for more than $500 million. If the building sells for that price, it would pencil out to $730 per square foot of office space, beating the top South Florida office sales of last year and 2022.
In March, Aimco put on the market its bayfront 4.3-acre Brickell assemblage for $650 million. It consists of the 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive, and the adjacent 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Drive. The site could be redeveloped with more than 3.1 million square feet across multiple supertalls. If it sells at the asking price, it would set a new South Florida per acre record.