The owners of Miami’s Waterford at Blue Lagoon corporate park just broke ground on a new 10-story office building.

WaterfordAtBlueLagoon5Dubbed 800 Waterford Tower, the 250,000-square-foot offices are being built speculatively by owners TIAA-CREF and Allianz Real Estate of America. It’s the first new building to go up in the 250-acre park in seven years, according to a news release about the groundbreaking.

The developers expect 800 Waterford to open mid-year 2016. It will join the park’s six other office buildings, all located directly south of the Miami International Airport.

Financial giant TIAA-CREF, which provides retirement plans for academics, has owned the office park since the 1980s. Last year, the firm partnered up with Allianz, which paid $375 million to buy a 49 percent stake in the complex.

Leasing efforts will be handled by the Hogan Group, which markets and manages the Waterford at Blue Lagoon on behalf of Allianz and TIAA-CREF.

Earlier this year, the partners also announced they plan to build Burger King a new corporate headquarters in the park. The fast food chain would be downsizing from its current 200,000-square-foot digs next door to a custom-built 150,000-square-foot office building.


Source: The Real Deal