Burger King Worldwide is looking to move its corporate headquarters and considering downtown Miami’s Omni Center as a possible landing spot.
Sources told the Business Journal that the company is considering several neighborhoods in Miami-Dade that could handle its parking requirements and possibly allow for a brand new building. Its current location in the Blue Lagoon area near Miami International Airport is too big, so the company is looking to downsize.
The company has more than 200,000 square feet leased and is the lone tenant at 5505 Blue Lagoon Drive. Burger King (NYSE: BKW) still has five years on its lease.
Apparently, the current owner is not interested in letting Burger King give up more than 50,000 square feet of space, so it has instead chosen to relocate, according to sources who asked not be identified. In the end, BK plans to stay in Miami-Dade, said one source who asked not to be identified.
An email response from a BK spokesman did not deny the possible relocation.
“The Burger King Corporation has a long term lease in the Blue Lagoon area and has no current plans to move its headquarters,” according to a statement.
It is likely that BK officials have not spoken about the matter with staff, which explains the statement. But evidence exists that the Miami-based company is looking to move.
In an email to brokers the Business Journal obtained, Newmark Grubb Knight Frank Vice Chairman Jon Bourbeau is offering part or all of the building as a sublease. Bourbeau was not immediately available for comment.
The Omni Center is a possibility because it has enough space and can handle the parking requirements today. But pricing at the Omni and the nearby Brickell neighborhood to the south may likely eliminate them from the running, sources said.
Other neighborhoods in the running are Midtown and Coral Gables, both of which have enough land for a build-to-suit.
Jones Lang LaSalle’s Noel Steinfeld, who is managing leasing at 600 Brickell Ave. and is not involved in the potential deal, did not have information about the Blue Lagoon sublease, but hopes the Omni deal will work for BK in the end.
“It’s a very exciting possibility,” she said. “Omni is close to Miami Beach. It’s close to Wynwood. It’s close to where everything is happening.”
The Genting Group owns the Omni Center and the adjacent land, which includes the former headquarters of the Miami Herald. Genting plans to build a condominium with a hotel and retail on the land. It also had planned a casino in the Omni Center and on the former Herald land.
Source : Oscar Pedro Musibay