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While all banks were significantly challenged during the recent recession, BankUnited was purchased by a large investor group with a significant capital infusion, creating a new, stable platform from which to grow. Having expanded from their Miami, FL headquarters throughout Florida, they are currently working to penetrate the New York City metro area to better serve their large client base with dealings in both markets.

Their expansion and continued growth has been a testament to their creative founding. Many of the larger institutions expanding in Florida at the same time as BankUnited were willing to sign long term ground leases with rents exceeding $200k-$300k annually, requiring the bank to then build and pay for all of the physical improvements, often times costing in excess of an additional $2M. Conversely, BankUnited took a more conservative approach to their expansion; renovating and redeveloping old banks, QSRs, and restaurant locations, minimizing their occupancy cost while maximizing their visibility and accessibility to accommodate today’s banking customer. This is important to the net lease investor as it adds a layer of protection through lower rents and $/sf costs on average for a BankUnited site versus their peer group.

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