Miami Herald – Subway

Subway signs major office lease in Miami

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.”