Lennar Homes to Occupy 156 KSF at Miami Office Property

5505 Waterford at Blue Lagoon. Image via Google Street View

Franklin Street Properties Corp. has signed a lease agreement for approximately 156,000 square feet with Lennar Homes. The new tenant intends to move its corporate headquarters to 5505 Waterford at Blue Lagoon, a Class A, 212,619-square-foot office building in Miami. The lease has an initial term of 16 years.

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Located at 5505 Blue Lagoon Drive in the Airport South submarket, the nine-story office building is near Dolphin Expressway, with four hotels within a 1-mile radius. Palmetto Expressway is 4 miles west from the property, while Miami International Airport is less than 4 miles north. Lennar Homes will occupy roughly three-quarters of the building that used to house Burger King’s main office.

According to Yardi Matrix data, 5505 Waterford at Blue Lagoon features 24,874-square-foot floorplates, a parking ratio of three spaces per 1,000 square feet and an on-site fitness center. Built in 2002 on a 9.7-acre site inside the Waterford at Blue Lagoon corporate center, the asset provides access to various amenities such as a conference center, a childcare facility and a U.S. Post Office branch.