Lennar Buys HQ Near Miami Airport for $68M
By Julia Echikson December 22, 2023 1:49 pm
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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.
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.
