United Healthcare Leases 19,149 SF Office Space In Miami's Waterford Business District
1000 Northwest 57th Court
Building Size
19,149 SF
Asset Type
Office
Closing
Sep 21, 2023
AI
The Waterford Business District in Miami has secured a new lease transaction. United Healthcare, a leading healthcare company, will be downsizing its office space in the area by approximately 30,000 square feet. However, the company has decided to lease 19,149 square feet at 1000 Northwest 57th Court. This move comes amidst an increase in office vacancies in the Miami market, but also a rise in average rent.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not mentioned
- Address: 1000 Northwest 57th Court
- Market: Miami
- Square Footage: 19,149
This lease deal involved several key individuals and companies. Nuveen Real Estate, represented by Jose Minaya, acted as the landlord. United Healthcare's representative in the transaction was Andrew Witty. The landlord's side was represented by Jack Davidson, Juan Ruiz, and Tere Blanca from Blanca Commercial Real Estate, while Adam Bernstein, Aubrie Monahan, and Jeffrey Ingham from JLL served as the tenant's representatives.
Players
Miami Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93