Over 3 million square feet of the city’s best office space.
Access, efficiency and business connectivity all in one.
Premier office space featuring high-end finishes and on-site amenities.
Over 3 million square feet of the city’s best office space.
Access, efficiency and business connectivity all in one.
Premier office space featuring high-end finishes and on-site amenities.
By Brian Bandell – Senior Reporter for The South Florida Business Journal
24 March 2021
Fast-food giant Subway signed one of the largest new-to-market leases in years in Miami.
The company leased 64,256 square feet of offices at 1000 Waterford in the Waterford Business District, a business center owned by Nuveen Real Estate and Allianz Real Estate. The landlord was represented in the deal by Tere Blanca, Juan Ruiz and Andrés del Corral of Blanca Commercial Real Estate.
Subway spokeswoman Maggie Truax said the new Miami office would house about 100 existing and new employees, focusing on consumer-facing roles, such as marketing and culinary, plus its Latin American regional office roles. The majority of its workforce will remain at its Milford, Connecticut headquarters, she added.
“A Miami presence enables even stronger integration with the Independent Purchasing Cooperative, Inc., Subway’s franchisee-owned and operated supply-chain organization,” Truax said. “It also allows us to keep our finger on the pulse of more cultural conversations and the evolving tastes of today’s consumer.”
The Waterford Business District has attracted strong interest from tenants in recent months after completing about $20 million in capital improvements and new services. It has cafes, a conference center, virtual and on-site yoga classes, bike sharing, shuttle service to nearby amenities, and a Tesla ride to Miami International Airport.
“We are attracting entrepreneurs and global corporate users from around the country,” Blanca said.
Over 1,200 companies are tenants at Waterford, including the dual headquarters of Burger King and Popeyes.
This deal continues the positive momentum for Miami’s office market after luring big tenants like Blackstone this year. The office occupancy rate declined in 2020 amid the Covid-19 pandemic and the subsequent rise of remote work, but the influx of new-to-market tenants could help the market rebound.
“Miami-Dade County continues to be a magnet for major corporations seeking to establish a presence in Florida, and we are thrilled that Subway selected Waterford Business District for their Miami office,” said Charles Russo, head of the Southeast office market for Nuveen. “This is a testament to the demand for a vibrant campus setting that offers employees a diverse array of onsite amenities and on-demand services that improve everyday work life.”
By Rob Wile for The Miami Herald
24 March 2021
Sandwich chain giant Subway is planning a new Miami office that will house as many as 100 employees.
In an email, the Connecticut-based company confirmed a March 11 New York Post report that it would be making a Miami move. Subway says the office will be located in the Waterford Business District, formerly known as the Waterford at Blue Lagoon, near Miami International Airport. Subway’s headquarters and the majority of its workforce will remain in Milford, Conn.
Subway said in the email that the office will house consumer-facing roles like marketing and culinary, as well as its Latin American regional office.
“A Miami presence allows us to keep our finger on the pulse of more cultural conversations and the evolving tastes of the modern consumer,” the company said. “With its dynamic business climate, diverse population and multicultural influences, it is the ideal place to transition some of our consumer-facing roles.”
Ron Ruggless, senior editor at industry publication Nation’s Restaurant News, said the move is historic, given that it has spent almost the past six decades in Connecticut. But it also makes sense given CEO John Chidsey’s ties to the region, Ruggless said via email.
Chidsey, 59, has maintained a residence in Coral Gables and has served on the board of Norwegian Cruise Line. He worked for Miami-based Burger King from 2004 to 2009, including serving as its chief executive officer. (In fact, Subway co-founder Fred DeLuca was a longtime Broward County resident.)
Chidsey was not available for comment.
Subway said the new Miami presence will also help it integrate with Miami-based Independent Purchasing Cooperative, Inc., Subway’s franchisee-owned and operated supply-chain organization. Managing more than $5 billion of food, packaging, equipment, supplies and services for Subway operators, it is one of the largest organizations of its kind in the country.
“Its portfolio is a big part of what makes Subway businesses profitable. Bringing those two entities closer geographically will undoubtedly provide some synergies,” Ruggless said.
As competition between fast food giants becomes ever more fierce, the industry continues to see geographic consolidation. Miami, the birthplace of Burger King, has long hosted BK’s parent company Restaurant Brands International, which also owns the Popeye’s and Tim Horton’s brands and is itself based in Blue Lagoon. While the presence of RBI may not have been a direct factor in Subway’s Miami office decision, Miami now joins Atlanta, Chicago, and Southern California as other fast-food industry hubs.
Subway works on a pure franchise model, meaning it does not operate any of its stores. It is in the midst of a decade-long transformation that has seen many of its locations close after years of aggressive expansion. It brought on Chidsey in November 2019 and has been promoting deals, including a new buy-one, get-one foot-long special.
The Waterford Business District is 81% occupied, with an additional 30 acres of land available for up to 1 million square feet of additional office for development. Other corporate clients in the District include Caterpillar, Estee Lauder, FedEx, Nicklaus Children’s Hospital, and Novartis.
Subway’s new office is located within the portfolio owned by the joint venture between Nuveen Real Estate and Allianz Real Estate. The joint venture owns 1.65 million square feet of Class A office space within the district.
“Miami-Dade County continues to be a magnet for major corporations seeking to establish a presence in Florida, and we are thrilled that Subway selected Waterford Business District for their Miami office,” said Charles Russo, Nuveen’s office sector southeast regional head and senior director. “This is a testament to the demand for a vibrant campus setting that offers employees a diverse array of onsite amenities and on-demand services that improve everyday work life. We continue to be committed to the Miami market and elevating our office portfolio within the Waterford Business District with strategic enhancements that align with current and future workplace needs.”