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New 231,000-SF Burger King HQ Breaks Ground

MIAMI-Teachers Insurance & Annuity Association is investing an estimated $25 million in developing a nine-story corporate headquarters building for the locally based fast-food company.

By David R. Corder | Updated on March 05, 2001

MIAMI-Burger King Corp. has signed a multimillion-dollar lease for a new 231,000-sf, nine-story corporate headquarters building that broke ground March 2 at Waterford at Blue Lagoon, a 250-acre office park owned by Teachers Insurance & Annuity Association just south of Miami International Airport. Florida Gov. Jeb Bush and Miami-Dade Mayor Alex Penelas were among the personalities attending the ground-breaking event.

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.

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