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Allianz Drops $374.5M on Class-A Offices at Miami's Waterford

Leading US financial services organization TIAA-CREF has sold a 49% stake in its Class-A office buildings at Miami's Waterford at Blue Lagoon to Allianz Real Estate of America for $374.5M.

The transaction includes 1000 Waterford (pictured), 5200 Waterford, 5201 Waterford, 5301 Waterford, 701 Waterford and 703 Waterford for a total of over 1.4M SF of lettable area on two parcels.

The buildings are nine or 10 stories tall, on more than 25 acres near Miami International Airport, surrounded by lakes and greenery, Finchannel reports. They were built between 1989 and 2007, with each receiving constant upkeep.

A new 10-story, 205k SF office building is being planned for 800 Waterford. It's expected to deliver in 2017. TIAA-CREF will remain majority partner and serve as the operating partner. [FC]