- TracFone Wireless, a Verizon subsidiary, is moving its headquarters to 51K SF at the Waterford Business District near Miami International Airport.
- The move is a major downsizing from its previous 145K SF Medley HQ, which Verizon sold to Prologis for $54.5M in 2024.
- The relocation deal happens to be Miami’s largest office lease of 2025 so far, surpassing Amazon’s recent 50K SF lease in Wynwood.
- Waterford Business District is now 82% leased, following major deals with Assurant and Subway.
Verizon (VZ) subsidiary TracFone Wireless is relocating its headquarters to 51K SF at 5200 Waterford in Miami’s Waterford Business District.
It’s Miami’s biggest office lease so far in 2025, but it’s also a significant downsizing from the firm’s former 145K SF footprint in Medley, per Bisnow.
Deal Details
The new office space is owned by a joint venture between Nuveen Real Estate (JRS) and Allianz (ALIZY) funds managed by Pimco Prime Real Estate.
The move follows Verizon’s sale of TracFone’s former HQ to Prologis (PLD) for $54.5M in August 2024. The 18.5-acre site is slated for redevelopment into a logistics facility, aligning with Prologis’ growing South Florida industrial portfolio.
Despite the downsizing, the deal is still the largest office lease in Miami so far this year, surpassing Amazon’s (AMZN) 50K SF lease in Wynwood.
Blanca Commercial Real Estate’s Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca, and Jessy Aguila represented the landlords in the TracFone deal, while Cushman & Wakefield’s John Marshall and Josh Kuriloff represented Verizon.
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Expanding Tenant Roster
TracFone’s relocation reflects the growing migration momentum to Miami’s Waterford Business District, which now boasts an 82% occupancy rate.
The 203-acre office park, built between 1988 and 2017, was recently renovated, adding new lobbies, outdoor spaces, and amenities like a conference center, tenant lounge, and collaborative workspaces.
Aside from Amazon and TracFone, other major tenants at Waterford include:
- Assurant (AIZ): Signed a 78K SF lease in 2024 after relocating from South Dade.
- Subway: Leased 60K SF in 2023 for its corporate headquarters.
Looking Ahead
With Miami’s office market showing resilience, the Waterford Business District continues to attract corporate relocations.
Meanwhile, Prologis’ redevelopment of TracFone’s former Medley HQ is set to contribute to South Florida’s growing industrial sector.
