Burger King’s parent company may be based in Canada now, but the fast food chain is planting its fork in Miami-Dade County long term with plans for a new headquarters building.
Newmark Grubb Knight Frank’s Patrick Duffy and Jon Bourbeau represented Burger King in signing a lease for a 150,000-square-foot building to be constructed in the Waterford at Blue Lagoon office park. The five-story building will be on a five-acre site at 5707 Blue Lagoon Drive.
Burger King is currently in about 200,000 square feet at 5505 Blue Lagoon Drive. So the company is downsizing its space. Burger King completed an $11 billion merger with Tim Hortons in 2015 and its parent company Restaurant Brands International is now based in Toronto, yet it continues to manage its franchise from Miami. It's been in Miami since 1959.
“Given rental inflation in the Miami office market and efficiency gains created in a new building, the cost of moving into a build-to-suit headquarters was less than remaining in an older facility,” Duffy said. “It also allowed Burger King to remain in a single-tenant building that preserves their corporate culture.”
The new building will be on the part of the office park owned by Allianz Real Estate of America and TIAA-CREF, with management by the Hogan Group. The building Burger King is leaving is owned by Franklin Street Properties.Hogan Group VP Stephen Smith said Burger King didn’t need 200,000 square feet and its new corporate culture favors an open, collaborative workplace. For instance, the Tim Horton’s office in Toronto has a huge open floor plate, he said.
“It would be very hard for them to make the existing building work long term,” Smith said. “This is a chance to start from scratch …. It’s good that they are sticking around for the long term.”Burger King's new building should be ready in the third quarter of 2018.
Smith is hoping more companies will favor locating in the business park near Miami International Airport. The Hogan Group is close to breaking ground on 800 Waterford, a 250,000-square-foot speculative “Class A” office building.The Burger King deal was the largest office lease in South Florida during the fourth quarter, according to NGKF. It closed out a productive period for Duffy, who recently brokered lease renewals of 116,000 square feet for Citigroup and 57,764 square feet for Shook Hardy & Bacon at the Miami Center Building at 201 S. Biscayne Blvd. Citigroup downsized from 157,000 square feet.
According to NGKF’s fourth quarter office market report, Miami-Dade had a vacancy rate of 12.9 percent, down from 14.9 percent a year ago. The average asking rent increased to $32.03 per square foot, from $31.80 per square foot. The report found 572,067 square feet of office space under construction, a number that is set to rise.
Famous Chicken Franchise for Sale in Capilano area. The business is only one year old, features cleanliness, organization and equipment is still like new. This is a turnkey operation being part of a successful and the most rapidly growing chicken franchises in Canada. The first year of any business is the most difficult and this has already been done for you! Franchisor approval of new franchisee will be required, successful completion of training and a transfer fee of 3% Head office will be charged to buyer at the time of transfer. Serious inquiries only, approval required by head office to qualify: looking for a passionate person for the brand!
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Over six months after Malala Yousafzai called on Canada to put more funding towards the Global Partnership for Education (GPE), the Canadian government decided to double its contribution.
Canada will commit 120 million dollars to GPE, which is an international organization made up of governments, non-profits, companies and other organizations dedicated to ending educational inequalities around the world. They’ve already allocated $4.3 billion to reforming education over the last ten years, and Canada’s recent announcement is a huge step towards bringing children in developing countries the educational opportunities that everyone deserves.This news of Canada’s commitment is incredible, but not sudden. Malala made this powerful call to action at last year’s Global Citizen Festival, specifically asking Canada to take the reigns:
It took many months of negotiation and deliberation within the GPE and the Canadian government for this announcement to come through. Commitments like this are no simple feat, and even with the huge push from global citizens last September, it took a lot of time and effort in the aftermath to make Malala’s call for action a reality.
The payoff is amazing, and global citizens should be proud that their voices helped turn an idea into a solid commitment. From celebrities to concert attendees, to those acting online, everyone who showed their support for this was important in making it happen.
In addition to doubling funding towards GPE, Canada has also committed 10 million dollars for UNICEF to support the education of children in crises. In states of conflict, violence and disaster, it’s often difficult for children to get to school, let alone achieve academic success. By allocating money to children in fragile contexts specifically, Canada is taking a crucial step for global education in the parts of the world that are hardest to reach.
Even with these developments, there is still more to be done in order to fully close the education gaps that persist. In order for children to explore and reach their potential, education needs to be prioritized globally by governments, organizations and even companies. Universal access to education means people everywhere can lead healthier lives, full of greater opportunities. In this critical year for development, global citizens need to unlock their power to achieve this goal.
Malala agrees. She applauded Canada’s actions, but recognizes the work that remains. Now, she “calls on other governments to consider how they can support more young people to get the education they hope for and deserve. More commitments and contributions are needed if we are to realize a world where all young people - including girls who often miss out the most - are able to access 12 years of quality education for free.”
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