{"id":1004569882,"date":"2022-03-03T04:59:51","date_gmt":"2022-03-03T12:59:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004569882"},"modified":"2022-12-08T20:15:23","modified_gmt":"2022-12-09T04:15:23","slug":"franklin-street-gains-tenant-for-miami-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/","title":{"rendered":"Franklin Street Welcomes New Tenant at Miami Office"},"content":{"rendered":"
\"Nine-story<\/a>

5505 Waterford. Image courtesy of Avison Young<\/p><\/div>\n

Franklin Street Properties <\/strong>has inked a 53,119-square-foot lease with Unique Vacations<\/strong>, an affiliate of Jamaican all-inclusive resort company Sandals, at 5505 Waterford, a Class A office property totaling 212,619 square feet in Miami\u2019s Airport submarket.<\/p>\n

Avison Young <\/strong>worked on behalf of the tenant, while CBRE <\/strong>represented the landlord. By Franklin Street Properties securing another long-term tenant alongside housing Lennar Homes\u2019 headquarters\u2014which spans the top six floors totaling 156,000 square feet through a 16-year lease signed in 2019<\/a>\u2014the former Burger King’s headquarters is now fully leased.<\/p>\n

The Avison Young team included Principal & Miami Managing Director Donna Abood, Vice President Joe Abood and Senior Associate Peyton Dowd, with CBRE\u2019s Executive Vice President Gordon Messinger on the other side of the lease negotiation.<\/p>\n

\n

READ ALSO:<\/strong> What\u2019s Fueling Miami\u2019s Thriving Office Market <\/a><\/p>\n

\n

The nine-story office building completed in 2002 fetched $48 million a year later, when Franklin Street Properties acquired the property, CommercialEdge data shows. The mid-rise on nearly 10 acres at 5505 Blue Lagoon Drive features 24,874-square-foot floorplates and 638 parking spots with a ratio of 3 spaces per 1,000 square feet.<\/p>\n

5505 Waterford is within 3 miles of Miami International Airport and offers major street exposure to State Route 836 and 959. Downtown Miami is less than 8 miles east.<\/p>\n

Demand for office space<\/h2>\n

The Airport submarket is home to several notable tenants, such as Burger King, Visa, Subway, FedEx, L\u2019Oreal and Airbus. Demand for office space within the submarket is mostly aimed at the Blue Lagoon area, where available space for similarly large leases is becoming rare. This can be counterbalanced by the development pipeline, that is expected to bring 1.9 million square feet of mixed-use space to the area, said Joe Abood, vice president at Avison Young, in prepared remarks.<\/p>\n

Miami\u2019s office sector is showing signs of definite recovery. Based on Avison Young insights<\/a>, total leasing volume in 2021 reached 4.3 million square feet, a 30.3 percent jump, when compared to the leasing activity registered in 2020. What’s more, after three years of negative net absorption, Miami ended last year in positive territory, with 434,713 square feet, totaling 0.8% of the existing stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

This deal brings the property to full occupancy.<\/p>\n","protected":false},"author":1763,"featured_media":1004569899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1492,21742,21747],"tags":[33022,32789,35012],"class_list":["post-1004569882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-miami","category-latest","category-office","tag-avison-young","tag-cbre","tag-franklin-street"],"acf":[],"yoast_head":"\nFranklin Street Leases Miami Office to Unique Vacations - CPE<\/title>\n<meta name=\"description\" content=\"Franklin Street Properties singed a lease with Unique Vacations, an affiliate of all-inclusive resort company Sandals, at 5505 Waterford.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Franklin Street Welcomes New Tenant at Miami Office\" \/>\n<meta property=\"og:description\" content=\"Franklin Street Properties singed a lease with Unique Vacations, an affiliate of all-inclusive resort company Sandals, at 5505 Waterford.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-03T12:59:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:15:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/5505-Waterford-e1646306099359.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1329\" \/>\n\t<meta property=\"og:image:height\" content=\"996\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/\",\"name\":\"Franklin Street Leases Miami Office to Unique Vacations - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/5505-Waterford-e1646306099359.jpg\",\"datePublished\":\"2022-03-03T12:59:51+00:00\",\"dateModified\":\"2022-12-09T04:15:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"description\":\"Franklin Street Properties singed a lease with Unique Vacations, an affiliate of all-inclusive resort company Sandals, at 5505 Waterford.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/5505-Waterford-e1646306099359.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/5505-Waterford-e1646306099359.jpg\",\"width\":1329,\"height\":996,\"caption\":\"5505 Waterford. 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