Officials at Burger King would only say the company signed a multi-year lease on the 5.2-acre development site. If the company signed a 10-year lease, currently considered long-term in the industry, the transaction would be valued at an estimated $54 million based based on an average area market rent of $23.49 per sf. The building should be ready for occupancy sometime in the fall of 2002.
Burger King signed the lease with Hogan Group. Burger King is leasing a building similar in size to 703 Waterford, a 10-story 247,000 sf building that Centex Rooney Construction Co. completed last September at an estimated cost of $24.9 million. Centex Rooney is also erecting the new Burger King building.
Hogan Group, the site's leasing and management company, is seeking rents in 703 Waterford that range from $16.50 per sf to $20.50 per sf, triple net, with $7.50 per sf in expenses.
Cushman & Wakefield of Florida Inc.'s yearend office report estimates rents average $23.49 per sf gross in the airport-west submarket, the site of Waterford at Blue Lagoon. The submarket includes a total inventory of about 8.65 million sf of leaseable space that showed an overall vacancy rate of about 12.7%.
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