{"id":4179,"date":"2025-03-03T07:38:14","date_gmt":"2025-03-03T07:38:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=4179"},"modified":"2025-11-12T08:36:35","modified_gmt":"2025-11-12T08:36:35","slug":"verizons-tracfone-downsizes-headquarters-in-miamis-largest-2025-office-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/verizons-tracfone-downsizes-headquarters-in-miamis-largest-2025-office-deal\/","title":{"rendered":"Verizon\u2019s TracFone Downsizes Headquarters in Miami\u2019s Largest 2025 Office Deal"},"content":{"rendered":"

Miami\u2019s office market<\/a> has recorded its largest lease of 2025 so far, according to multiple sources: TracFone Wireless, a Verizon subsidiary, signed for more than 51,000 square feet in the Waterford Business District near Miami International Airport. The company is relocating from its previous, 145,000-square-foot headquarters in Medley, reducing its office space by nearly two-thirds.<\/p>\n

The Waterford Business District \u2014 a 1.6-million-square-foot campus \u2014 is home to multiple corporate tenants, including Assurant, which signed a 78,000-square-foot lease last year. TracFone will occupy suites 500 and 600 at 5200 Waterford, which is owned by Nuveen Real Estate.<\/p>\n

\u201cVerizon\u2019s commitment reflects the strength of Miami\u2019s office market and validates our investment in creating a premier corporate environment,\u201d said Charles Russo, Nuveen\u2019s senior director and east region asset management lead.<\/p><\/blockquote>\n

Blanca Commercial Real Estate represented the landlord in the lease negotiations, while Cushman & Wakefield advised Verizon.<\/p>\n

TracFone\u2019s former headquarters at 9700 NW 112th Ave. in Medley is slated for redevelopment. Prologis, which bought the property for $54.5 million, plans to transform the 18.5-acre site into a logistics facility.<\/p>\n

Miami Posts One of Lowest Office Vacancy Rates<\/h2>\n

Miami\u2019s office market continues to perform strongly. Per the latest CommercialCafe office report<\/a>, the market\u2019s asking rents averaged $56.91 per square foot, compared to the national average of $33.38. Miami\u2019s vacancy rate stood at 15.6% to tie for the second-lowest among major markets against a national average of 19.7%. The city also had the second-highest average sale price for office properties at $365 per square foot, following the $396 posted by Austin, Texas.<\/p>\n

If you\u2019re looking for office space near you, browse one of the following markets to see available office spaces for lease. Or, navigate to our\u00a0homepage<\/a>\u00a0to begin your search by city or address and further refine your terms by price, available space and more.<\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Office space in New York City<\/a><\/td>Office space in Phoenix<\/a><\/td>Office space in San Francisco<\/a><\/td>\n<\/tr>\n
Office space in San Antonio<\/a><\/td>Office space in Atlanta<\/a><\/td>Office space in San Diego<\/a><\/td>\n<\/tr>\n
Office space in Manhattan<\/a><\/td>Office space in Austin<\/a><\/td>Office space in Las Vegas<\/a><\/td>\n<\/tr>\n
Office space in Fort Worth<\/a><\/td>Office space in Boston<\/a><\/td>Office space in Seattle<\/a><\/td>\n<\/tr>\n
Office space in Portland<\/a><\/td>Office space in Miami<\/a><\/td>Office space in Philadelphia<\/a><\/td>\n<\/tr>\n
Office space in Dallas<\/a><\/td>Office space in Chicago<\/a><\/td>Office space in Denver<\/a><\/td>\n<\/tr>\n
Office space in Houston<\/a><\/td>Office space in Los Angeles<\/a><\/td>Office space in Arlington<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Miami\u2019s office market has recorded its largest lease of 2025 so far, according to multiple sources: TracFone Wireless, a Verizon subsidiary, signed for more than 51,000 square feet in the Waterford Business District near Miami International Airport. The company is relocating from its previous, 145,000-square-foot headquarters in Medley, reducing its office space by nearly two-thirds. The Waterford Business District \u2014 a 1.6-million-square-foot campus \u2014 is home to multiple corporate tenants, including Assurant, which signed a 78,000-square-foot lease last year. TracFone will occupy suites 500 and 600 at 5200 Waterford, which is owned by Nuveen Real Estate. \u201cVerizon\u2019s commitment reflects the…<\/p>\n","protected":false},"author":3163,"featured_media":1235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5],"tags":[],"class_list":["post-4179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-office-news"],"acf":[],"yoast_head":"\nTracFone Signs Miami\u2019s Largest Office Lease of 2025 at Waterford Business District<\/title>\n<meta name=\"description\" content=\"TracFone Wireless, a Verizon subsidiary, secures Miami\u2019s biggest office lease of 2025 with 51,000 sq ft in the Waterford Business District.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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