Subway Opens 2nd HQ in Miami – What is a Ground Lease?

, Subway Opens 2nd HQ in Miami – What is a Ground Lease?, Robert Khodadadian

1000 NW 57th Court or “1000 Sub Way.” Image courtesy of Yardi Matrix

Fast food chain Subway has opened a Miami office to act as one of two dual-headquarters alongside its counterpart in Connecticut.

The new property’s address at 1000 NW 57th Court will be known by the custom name 1000 Sub Way, a street name sanctioned by Miami-Dade County and situated within the Waterford Business District, a joint venture of Nuveen Real Estate and Allianz Real Estate, located near Miami International Airport. The building is also known as 1000 Waterford.

Subway is not the only tenant at the 247,000-square-foot building, but it is the largest, occupying two-and-a-half floors of space on the sixth, seventh and 10th floors, which will house some 150 employees.

READ ALSO: How Walkability Impacts CRE Markets

The company is leasing 64,256 square feet of office space, according to the The Real Deal. The office space hosts the company’s consumer-facing functions, as well as the staff of its Latin America regional office. Architectural firm HLW designed the new space.

The Miami headquarters features an open layout with collaborative spaces, a fitness center and a cafeteria, as well as an Innovation Center and Mock Restaurant, which will serve as a type of think tank for employee collaboration and food innovation.

Subway’s decision to open the new headquarters was a strategic one, placing it near the Miami-based Independent Purchasing Cooperative, the company’s franchisee-owned purchasing and supply chain cooperative, CEO John Chidsey said in a statement.

Subway’s HQ move

Subway’s Connecticut headquarters is in the process of an in-state move, from Milford, in New Haven County, to Shelton, in Fairfield County. All functions of the company’s Milford team are expected to transfer over to the Shelton location this year.

The move to the 90,000-square-foot space at 1 Corporate Drive in Shelton was announced last year, continuing the company’s long relationship with the southern New England state. Subway was founded as “Pete’s Super Submarines” in Bridgeport, Conn., in 1965, before being renamed Subway in 1972. Franchising began in the 1970s. There were more than 42,000 locations in over 100 countries as of 2020, according to an Insider report that year.

The post Subway Opens 2nd HQ in Miami appeared first on Commercial Property Executive.

 Brokerage, Miami, News, Office, South, HLW, Subway 

ground lease, ground leases, net lease, 101, ground lease nyc, properties, properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, broker, daniel shirazi, Off-market real estate

Leave a Reply