Norwegian Cruise Line Expands Miami Presence

MIAMI—Norwegian Cruise Line has inked what local brokers say is the largest office leasing transaction in South Florida in years. The firm renewed its lease and is expanding its operations at the Airport Corporate Center here.

Norwegian Cruise Line extended its existing lease of 206,078 square feet and added an additional 70,296 square feet, bringing its presence at the property to 276,364 square feet in three buildings. The deal is the largest office lease in South Florida in at least the past five years, according to CBRE Research.

The company, which now occupies The 7650 Building and The 7665 Building, will expand to the new space at The 7300 Building at Airport Corporate Center beginning in the fall of 2015. CBRE's Diana Parker, Richard Bamonte and Janette Driggers represented the building owner, CBRE Global Investors, which acquired the property last October. Stuart Gordon of Flagler Brokerage and Management Services, LLC, along with Jim Travers and Stewart Niles of Travers Cresa, represented Norwegian Cruise Line.

“Norwegian Cruise Line's expansion at Airport Corporate Center comes at a pivotal time for the property with new innovative ownership in place. CBRE Global Investors' vision is to re-position Airport Corporate Center to be more than an office park, but a business environment dedicated to the success of its tenants,” says Parker, senior vice president, CBRE. “New ownership brings new energy and an enhanced tenant experience with capital improvements and exclusive programs on the way.”

Krasnow, CBRE's South Florida Managing Director, adds that the deal is a precursor of more office deals in the local market. “We're going to continue to see more confidence expressed on behalf of tenants in this market as they expand, make longer term commitments and expend capital," he says.

Airport Corporate Center is scheduled to undergo a major capital improvement campaign over the next six months. In addition to Norwegian Cruise Line, other major tenants at the property include UnitedHealthcare Services, Inc., Magellan Health Services, General Electric and URS Corp.