A Verizon subsidiary is slashing its footprint by nearly two-thirds in a move to office space near Miami International Airport.

TracFone Wireless, which was acquired by Verizon in 2021, is moving to more than 51K SF at the Waterford Business District in a building owned in a joint venture of Nuveen Real Estate and Allianz funds managed by Pimco Prime Real Estate, according to a release.

While Verizon's deal for TracFone beat out Amazon’s recent 50K SF lease in Wynwood for the largest of the year so far, it also marks a significant downsize for the company.

Verizon sold TracFone's 145K SF headquarters in Medley in August to industrial developer Prologis for $54.5M, the South Florida Business Journal reported. Its move to Suites 500 and 600 at 5200 Waterford represents a rightsizing for the company, according to a Blanca Commercial Real Estate representative.

Verizon didn't immediately respond to Bisnow’s request for comment.

“Verizon’s commitment to Waterford Business District reflects the strength of Miami’s office market and validates our ongoing investment in creating a premier corporate environment,” Charles Russo, Nuveen Real Estate senior director and asset management lead of the East region, said in a statement.

Blanca CRE’s Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca and Jessy Aguila represented the landlords in the lease, and Verizon was represented by Cushman & Wakefield’s John Marshall and Josh Kuriloff.

The 203-acre office park was built between 1988 and 2017, according to a listing on LoopNet. Nuveen and Pimco own a seven-building, 1.6M SF office portfolio in the complex that has undergone renovations to the lobbies and outdoor spaces and added amenities like a conference center, a tenant lounge, meeting rooms and collaborative workspaces, according to the release.

The complex is now 82% leased, a Blanca spokesperson told Bisnow, after securing a 78K SF lease with Assurant, which relocated its headquarters from South Dade last year, and a 60K SF lease for Subway’s headquarters that was signed in 2023.

TracFone's old office building is expected to be torn down and replaced with a logistics facility on the 18.5-acre site at 9700 NW 112th Ave. San Francisco-based industrial giant Prologis owns 100 acres in South Florida with roughly 1M SF of development potential, according to its 2024 annual report. Its existing local portfolio spans 177 buildings and 22M SF of rentable space.

"We're thrilled to expand our footprint in Miami with our latest office space in Waterford Business District, opening in early 2026," a Verizon spokesperson said in a statement.  "South Florida remains an important market for Verizon customers and employees."

CORRECTION, FEB. 25, 4:15 P.M. ET: Verizon signed the lease at Waterford Business District, not TracFone, as a previous version of this story indicated. This story has been updated.

UPDATE, FEB. 26, 4:35 P.M. ET: This story has been updated to include a statement from a Verizon spokesperson.