Absolut, Jameson Maker Inks Lease at Miami’s Updated Waterford Business District
Spirits company Pernod Ricard is taking 9,505 square feet at Miami’s Waterford Business District office campus, according to the landlords’ brokerage, Blanca Commercial Real Estate.
The new office, slated to open within the next six months, will house the French firm’s duty-free division called Pernod Ricard Travel Retail. Pernod Ricard brands include Jameson Irish whiskey, Absolut vodka and Perrier-Jouët champagne.
It’s unclear where the company is relocating from. Cushman and Wakefield’s Matthew Cheezem, who represented the tenant, declined to comment.
Formerly known as Waterford at Blue Lagoon, Waterford Business District sits on 250 acres located just south of Miami International Airport at 5201 Blue Lagoon Drive. The portfolio of the landlords, real estate powerhouses Nuveen and Allianz, spans 1.65 million square feet of leasable space.
Current tenants include Toyota, FedEx, Novartis and the parent company of Subway, among others. Over the past six months, the landlords’ brokers have completed leases totaling 117,000 square feet, though they declined to say to what extent the complex is leased. The leasing team is led by Blanca’s Juan Ruiz, Andres del Corral, Jessy Aguila, Jack Davidson and Tere Blanca.
Right before the pandemic hit, the landlords began a $21 million renovation of the property, which was originally built in the late 1980s. The pair plans to invest an additional $8 million this year, per Blanca.
COVID-19 dealt a blow to aging offices. As companies rethink their footprints in response to the popularity of remote work, many firms have opted to retain space in shiny new, amenity-filled buildings to entice employees back into the office.
New amenities at Waterford Business District include a free shuttle service within the district and to nearby amenities, bike share programs and complimentary Tesla service to and from the airport for executives.
Pernod Ricard isn’t the only liquor company active in Miami’s leasing market in recent months. Bacardi is close to finalizing an 80,000-square-foot deal at The Plaza Coral Gables.
Julia Echikson can be reached at Jechikson@commercialobserver.com.