Cushman & Wakefield represented NBCUniversal Telemundo Enterprises in securing a massive build-to-suit lease for the international telecom giant’s new broadcast center and studios in Miami.
The brokerage team of Executive Director Brian Smith, Executive Director Mike Davis, and Senior Director Audley Bosch represented NBCUniversal Telemundo Enterprises in its efforts to consolidate approximately 1,300 jobs currently housed at various facilities throughout Miami-Dade County into a two-building, 560,000-square-foot campus in the Prologis’ Beacon Lakes development.
Although financial terms were not disclosed, this is likely the most valuable commercial lease in Florida history. As part of a forward disposition, also arranged by Cushman & Wakefield, Prologis sold the land for the project to SunTrust Bank, who is serving as Landlord for Telemundo/NBCUniversal. Prologis will remain onboard as a development consultant.
This new campus will be home to numerous Telemundo Network shows including network news, the Nuevo Dia morning show, Al Rojo Vivo, and Novela productions. Telemundo, which was purchased by NBCUniversal in 2010, is expected to occupy the campus in early 2018.
Beacon Lakes is a 478-acre multi-purpose business park on Miami’s west side offering frontage on Florida’s Turnpike. It is owned and operated by Prologis. Beacon Lakes is currently home to large corporate occupiers like Ryder Logistics, Panalpina and Amazon.
The Telemundo broadcast center and studios will be located at the corner of N.W 25th Street and N.W. 117th Place. Utilizing the most advanced construction, design, and technology available today, the primary 476,000-square-foot facility will house more than 100,000 square feet of executive offices as well as state-of-the-art broadcast and entertainment studios, a network operations center, set design operations, and post-production facilities. A second, 87,000 square-foot building will be used for storage.
“We are very happy to finally get to the finish line with this project,” said Smith. “It’s been great to work with the NBCUniversal team to identify, secure and close on this historic transaction.”
“To say this has been a team effort would be a gross understatement,” added Davis. “It’s been a collaboration of countless individuals and firms working hard on this project for almost three years.”