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Office

Sep 2, 2024

FIFA Expands Miami Office Presence with Long-Term Space Commitment in Coral Gables

FIFA, the international soccer governing body, is significantly expanding its presence in Miami as preparations for the 2026 World Cup ramp up.

FIFA Expands Miami Office Presence with Long-Term Space Commitment in Coral Gables
Traded Media
Traded Media

Traded Editorial

2 min read

FIFA, the international soccer governing body, is significantly expanding its presence in Miami as preparations for the 2026 World Cup ramp up. The organization has leased an additional full floor at its recently opened office in Coral Gables, located at 396 Alhambra Circle. This move is part of FIFA's broader plan to establish a lasting footprint in the city beyond the World Cup.

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Growing Operations at Coral Gables

FIFA’s Miami office, originally leased in September 2023, occupies a substantial portion of the Alhambra Circle property. The office space, initially spanning 60,000 square feet, has now expanded to 75,000 square feet with the latest lease agreement. The property, owned by Agave Holdings, includes a 15-story and a seven-story building, collectively offering 282,000 square feet of office space and 31,000 square feet of ground-floor retail.

Permanent Relocation of Key Departments

FIFA is permanently moving several critical departments, including its legal, audit, compliance, and risk management teams, from Zurich to Miami. The Coral Gables office will also serve as FIFA's corporate base during the World Cup, with President Gianni Infantino expected to relocate to the city. Following the tournament, this office will become FIFA’s U.S. headquarters, reinforcing its strategic position as a gateway to Latin America and the Caribbean.

A Strategic Choice

Coral Gables has emerged as an attractive location for office users seeking high-quality properties in a less congested area compared to Miami’s traditional office hubs like Downtown and Brickell. The city’s appeal was instrumental in FIFA’s decision to establish its U.S. headquarters there. The local mayor, Vince Lago, played a direct role in attracting FIFA, reflecting the city’s commitment to supporting high-profile tenants.

FIFA and the Soccer Craze in Miami

FIFA’s expansion in Miami coincides with a surge in local enthusiasm for soccer, fueled by the arrival of Lionel Messi at MLS’ Inter Miami. Messi’s presence has heightened interest in soccer across the city, with ticket prices soaring and local businesses capitalizing on the excitement. Inter Miami is also constructing a new stadium complex, Miami Freedom Park, which is expected to open in 2026, though it remains uncertain if Messi will play there due to his contract ending in 2025.

Impact on Local Real Estate

The addition of FIFA to Coral Gables underscores the neighborhood’s growing appeal as a premier office location. Class-A office rents in the area are slightly above the county average but remain lower than those in Miami’s urban core. The LEED Gold-certified building at 396 Alhambra Circle offers modern amenities, including a rooftop terrace and a courtyard, making it a desirable space for prominent tenants like FIFA.

#Florida#Office#Entertainment
Published: Sep 2, 2024Last updated: September 3, 2024