Parbel Renews Miami HQ Lease
- Apr 09, 2019
Parbel has signed a lease renewal at 6100 Waterford, one of the three buildings comprising Waterford Atrium, a Class A office campus in Miami that is part of the Waterford at Blue Lagoon business park.
The 43,624-square-foot space serves as the headquarters for the cosmetics, perfumes and beauty products distributor formerly known as Helena Rubinstein, now a subsidiary of L’Oreal. Cushman & Wakefield negotiated the lease on behalf of landlord MetLife Real Estate Investment, while Parbel was represented by JLL.
Located at 6100 Blue Lagoon Drive, 6100 Waterford is just off Dolphin Expressway and Miami International Airport is less than 5 miles away. The Class A, 162,878-square-foot property was completed in 1991 and underwent a complete renovation in 2012, according to Yardi Matrix data.
The 6100 Waterford building, together with 6303 Waterford and 6505 Waterford, form Waterford Atrium, a 495,470-square-foot office campus. The three four-story assets were developed between 1991 and 1996 and received LEED certification after MetLife Real Estate completed a five-year, $3.5 million capital improvement program. On-site amenities feature garage parking, restaurants, dry cleaning and day care facilities.
Waterford Atrium is currently 92 percent leased. The tenant roster includes Zimmer Biomet, Regus, Johnson & Johnson, Discovery Channel Latin America and Oracle.
The surrounding Waterford at Blue Lagoon business park is a 250-acre mixed-use property comprising 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 U.S. Post Office branch.
A challenging lease transaction
According to Cushman & Wakefield research, this is the largest office lease closed this year in the Airport West submarket. The Cushman & Wakefield leasing team negotiating on behalf of the owner included Jeannette Mendoza, Brian Gale, Ryan Holtzman, Andrew Trench and Lena Weeks. JLL’s John Marshall and Randy Carballo represented Parbel in the lease transaction.
“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, in prepared remarks. “After a year of intense negotiations, we were able to retain Parbel as one of the signature tenants in the Waterford Atrium buildings.”
The same Cushman & Wakefield team is in charge of leasing at an 11-story office building located 8 miles east of Waterford Atrium.