Cushman & Wakefield Negotiates 43,624-SF HQ Lease With Parbel at Waterford Atrium
Jeannette Mendoza, Brian Gale, Ryan Holtzman, Andrew Trench and Lena Weeks Represented MetLife Real Estate Investors in Securing the Largest Office Lease Executed in the Airport West Submarket This Year
MIAMI, FL, April 8, 2019 — Cushman & Wakefield has negotiated a 43,624-square-foot lease renewal with Parbel at Waterford Atrium in Miami’s Waterford at Blue Lagoon business park. According to Cushman & Wakefield research, this is the largest office lease executed in the Airport West submarket this year.
The Cushman & Wakefield office leasing team of Jeannette Mendoza, Brian Gale, Ryan Holtzman, Andrew Trench and Lena Weeks negotiated the lease on behalf of owner MetLife Real Estate Investors. John Marshall and Randy Carballo of JLL represented Parbel in the lease negotiations.
Parbel renewed its space in 6100 Waterford, located at 6100 Blue Lagoon Drive. Formerly Helena Rubinstein Inc. and now a subsidiary of L’Oreal, Parbel distributes cosmetics, perfumes and beauty products. The company houses its headquarters at Waterford Atrium.
“This was a very challenging lease transaction with competition from two other buildings in Waterford at Blue Lagoon, both capable of accommodating Parbel’s requirements,” said Mendoza. “After a year of intense negotiations, we were able to retain Parbel as one of the signature tenants in the Waterford Atrium buildings.”
Waterford Atrium is a three-building, 495,470-square-foot, Class A office campus located at 6100 Blue Lagoon Drive, 6303 Blue Lagoon Drive (6303 Waterford) and 6505 Blue Lagoon Drive (6505 Waterford).
Waterford Atrium’s three buildings were developed between 1991 and 1996 and have won numerous awards, including 25 Building Owners and Managers Association (BOMA) Outstanding Building of the Year awards. 6100 Waterford and 6303 Waterford were recently recognized as BOMA International winners in the Suburban Office Park Low-Rise category.
The buildings, which are also managed by Cushman & Wakefield, are LEED certified. Waterford Atrium earned these designations after MetLife Real Estate completed a five-year, $3.5 million capital improvement campaign, which included restroom renovations, new marble lobby floors, ENERGY STAR-rated roof replacements, new LED light fixtures in the atriums and the parking garage, resurfacing of the parking garage deck and a new state-of-the-art fitness center.
“MetLife is strongly committed to its tenant relations programs,” said Mendoza. “Their dedication to ensuring a first class, productive work environment for tenants is one of their most important priorities.”
Waterford Atrium is currently 92% leased. Other notable tenants in the buildings include Zimmer Biomet, Regus, Johnson & Johnson, Discovery Channel Latin America and Oracle.
The assets feature garage parking, restaurants, dry cleaners, indoor and outdoor seating, lake views, day care facilities and on-site property management and leasing representatives. Waterford Atrium is situated in a Class A corporate office setting, offering exceptional access to Miami International Airport, major highways, and downtown Miami, as well as a highly skilled workforce in neighboring communities.
The surrounding Waterford at Blue Lagoon business park is a 250-acre master-planned, mixed-use park located directly across the Dolphin Expressway from the Miami International Airport. The park comprises 20 office buildings and more than 2.8 million square feet of development, including four hotels, numerous restaurants, banking facilities, a day care center and a U.S. Post Office branch.