Lennar Buys HQ Near Miami Airport for $68M

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After years of renting, Lennar, too, has bought a home. The homebuilding giant purchased its national headquarters in the Blue Lagoon business district in the Miami metro for $68 million, property records show.

The 213,182-square-foot building is located at 5505 Blue Lagoon Drive, just south of the Dolphin Expressway, which faces Miami International Airport

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In 2019, Lennar, which specializes in the development of suburban single-family homes, signed a 16-year lease for 156,000 square feet in the office building, according to the South Florida Business Journal

The eight-story building previously served as the headquarters of Burger King, before the fast-food heavyweight moved across the street to 5707 Blue Lagoon Drive

The seller, Franklin Street Properties, had purchased the office, which sits on 10 acres, for $48 million in 2003, a year after it was completed, per records. In recent years, the Massachusetts-based trust has updated the property by adding a floor to the parking structure, and renovating the lobby and 5,000-square-foot fitness center. 

CBRE’s Christian Lee and Sean Kelly, who represented the seller, did not immediately respond to a request for comment. Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee, also from CBRE, structured a debt, though a mortgage has yet to be recorded.

A representative for Lennar did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com