Verizon Inks 51K-SF Office Lease Near Miami International Airport

Verizon has signed a 51,484-square-foot office lease at the Waterford Business District just south of Miami International Airport, making it Miami-Dade County’s largest office lease transaction so far this year. 

The office, at 5200 Waterford District Drive, will open in July 2026 and house TracFone Wireless, a subsidiary of the telecom company, according to Blanca Commercial Real Estate, which represented the property’s ownership. The office building is owned jointly by Nuveen Real Estate and PIMCO Prime Real Estate, a subsidiary of insurance giant Allianz. 

Spanning 250 acres adjacent to the Miami airport, Waterford Business District features over 3 million square feet of office space across seven buildings. Other tenants include Toyota, FedEx, Atkins, Sony, Gilead, Novartis and Subway. Burger King and Lennar Homes own offices in the district that house their global headquarters. 

TracFone Wireless, which Verizon acquired for $6.9 billion in 2021, was previously based in Medley, Fla., per the Blanca CRE representative. In August, Verizon also sold a 145,352-square-foot office building in Doral that TracFone Wireless owned to industrial maven Prologis for $54.4 million. 

In terms of size, Verizon’s Waterford Business District lease edges out Amazon’s 50,333-square-foot lease in Wynwood, which was finalized last month. 

Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca and Jessy Aguila of Blanca CRE represented the recent transaction with Verizon. John Marshall and Josh Kuriloff of Cushman & Wakefield, who did not immediately respond to requests for comment, represented the tenant. Verizon spokespeople also did not respond to requests for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.