MIAMI—This qualifies as one of the most noteworthy office transactions so far this year in Miami. Ryder Systems just acquired a 238,420-square-foot office building in western Miami-Dade County for $42 million.

The sale price equals $176 per square foot, a competitive price compared to recent office buildings that have traded in Miami's Central Business District at more than $400 per square foot. The single-building sale is one of the largest to close in South Florida in several years. The local market has a limited supply of single-tenant office buildings over 200,000 square feet. The building will serve as Ryder's new corporate headquarters.

“Ryder has been based in Miami since its founding in 1933,” says JLL managing director Steve Medwin. “With this transaction, the company saw a tremendous opportunity to own its headquarters after having the building constructed for its use back in 2005.”

Medwin, senior vice president Rod Loschiavo, and senior vice president Nick Wigoda represented Ryder. Flagler Development's senior director of leasing Stuart Gordon represented the seller, an entity Flagler controls.

“The company's initial 10-year lease was nearing its expiration and after scouring the South Florida market and several cities outside Florida for alternative locations, Ryder concluded that acquiring its existing office campus would meet its current and long-term operational needs in South Florida,” Medwin says. Located inside the Flagler Station Business Park at 11690 Northwest 105th Street, the four-story class A office building sits on 16.8 acres of land.

“We are pleased to make this investment in the community where Ryder was formed more than 80 years ago,” says Ryder chairman and CEO Robert Sanchez. “As a result of purchasing our headquarters, we are able to further strengthen our ties with the South Florida community that has been so instrumental to our success, while also making a sound long-term financial decision to aid the future growth of our business.”