Insurer Assurant has signed a 78,000-square-foot lease in Miami’s Waterford Business District. The insurance company will be occupying three suites within a 10-story building at 701 Waterford Way, which is meant for 1,500 employees. Blanca Commercial Real Estate, representing landlords Nuveen Real Estate and Allianz’s PIMCO Prime Real Estate, confirmed the lease agreement.
This deal is the second-largest office lease in Miami this year, following MSC Group’s 130,000-square-foot lease at Block 55 at Sawyer’s Walk in Overtown. Assurant plans to move from their current 75-acre campus in South Miami Heights to the Waterford Business District in June 2025.
After trying to sell their current property since last year, the sale fell apart when appraisers valued the price 30 percent above market value. The new location for Assurant, the Waterford Business District, is situated just south of Miami International Airport and spans 250 acres with 1.65 million square feet of office space. The district is already home to tenants such as Subway, Toyota, FedEx, Sony, Gilead, and Novartis.
Brokers representing Nuveen and PIMCO included Juan Ruiz, Andres del Corral, Jack Davidson, Jessy Aguila, and Tere Blanca from Blanca while CBRE’s Brent Woodruff, Matthew Goodman and Tyler Wyant represented Assurant. While CBRE declined to comment on the lease agreement for inquiries