The FINANCIAL -- The seller is TIAA-CREF, one of the leading U.S. financial services organizations which will remain the majority owner with 51% and serves as the operating partner of the assets. The gross asset value is USD 374.5 million (around 348.6 million euro). The property is almost fully let.
The transaction includes six class-A office buildings - 1000 Waterford, 5200 Waterford, 5201 Waterford, 5301 Waterford, 701 Waterford and 703 Waterford – of a total lettable area of over 1.4 million square feet (130,064 sq m) and two parcels of land totaling over 25 acres (10 hectares). The 9-10 story offices were built between 1989 and 2007 and have been constantly refurbished. The office complex is located at the Waterford at Blue Lagoon corporate park near Miami International Airport conveniently surrounded by lakes and lush landscaping, according to Allianz.
A new office development is currently in the planning stage on the parcel at 800 Waterford. The 10-story, 250,000 square foot (23,225 s qm) building is expected to be completed in 2017 and will be the latest addition to the Waterford complex since 2009.
“With the acquisition of the Waterford assets we are able to diversify our portfolio further and gain direct exposure in Miami which is one of our main target office markets,” said Christoph Donner, CEO of Allianz Real Estate of America. “We are excited to continue our partnership with TIAA which successfully started in 2012 with the acquisition of the Four Oaks Place office complex.”
“We are very pleased to expand our co-investment partnership with Allianz,” said Suzan Amato, Head of Managed Accounts and Joint Ventures, TIAA-CREF Global Real Estate. “Waterford at Blue Lagoon is a stabilized, high-performing asset. The property being built will enhance the complex and meet the growing demand for additional office space in the Airport West commercial real estate market.”