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

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

“Ryder has been based in Miami since its founding in 1933,” saysJLL managing director SteveMedwin. “With this transaction, the company saw atremendous opportunity to own its headquarters after having thebuilding constructed for its use back in 2005.”