Insurer Assurant has announced that it will be moving from its current 75-acre campus in South Miami Heights to the Waterford Business District in Miami. The company has signed a 78,000-square-foot lease in the district, which is intended for 1,500 employees. This deal is the second-largest office lease in Miami this year, following MSC Group’s 130,000-square-foot lease at Block 55 in Overtown.
Assurant has been attempting to sell its current property since last year, which includes a 499,425-square-foot office building built mostly in the 1980s. The sale to Miami-Dade County for $160 million fell through due to appraisers valuing the property 30 percent above market value. However, the company is excited about its new move to a new and vibrant business district in Miami.
The Waterford Business District is located just south of Miami International Airport and spans 250 acres with 1.65 million square feet of office space. Tenants in the district include Subway, Toyota, FedEx, Sony, Gilead, and Novartis. Brokers for Nuveen and PIMCO, as well as Blanca Commercial Real Estate and CBRE were involved in the lease deal.
Assurant expects to move into its new offices by June 2025 and is looking forward to being part of a thriving business community in Miami.
