Ryder System Sells HQ in Miami-Dade to Downsize Office
By Julia Echikson March 8, 2023 11:36 am
reprints
Logistics and trucking company Ryder System has sold its longtime corporate headquarters in Miami-Dade County as it seeks to downsize its office footprint, the firm announced.
Bridge Industrial paid $42.1 million for the 248,989-square-foot building, located outside of Medley near the western edge of the county at 11690 N.W. 105th Street, adjacent to the Ronald Reagan Turnpike.
The sale price is just $100,000 more than Ryder paid for the site in 2014, according to property records. The company has occupied the campus since 2005. JLL Capital Partners represented the buyer in the latest transaction.
“Like many companies post-pandemic, we determined we needed much less office space than we were utilizing at our headquarters building,” Ryder Chairman and CEO Robert Sanchez said in a statement.
Ryder put its headquarters up for sale a year ago as many of Ryder’s 800 corporate employees have embraced remote work since 2020. Ryder will lease back the property for up to 12 months while it looks for a smaller office in Coral Gables and surrounding areas.
“We were pleased with the current location of our headquarters office, but with the vacant space in the building and the very attractive rates for a buyer to move in or redevelop the site, we knew selling and downsizing was the right decision to make,” Sanchez added. The company, which provides supply chain and fleet management solutions, was founded 90 years ago in Miami and is now a member of the Fortune 500, employing more than 48,000.
Bridge Industrial, a prolific industrial developer in South Florida, will likely redevelop the site, which sits on 16.8 acres, into a warehouse complex. A representative for Bridge Industrial said the company will reveal its plans for the property in the coming weeks.
Last year, the Chicago-based developer secured a $153.5 million construction loan to build the second phase of an industrial development in Miami Gardens, which will feature two warehouses totaling nearly 1.6 million square feet.
Also in 2022, it broke ground on a 2.6 million-square-foot industrial property in Doral.
Julia Echikson can be reached at jechikson@commercialobserver.com.
