Miami-based Ryder Takes 206,606-SF DHL Space in Miami Business Park

Although DHL Solutions has been closed-mouthed about the deal, real estate sources in Miami say that the sublease tenant for the 206,606-square-foot building that DHL leased in August 2005 a few miles west of Miami International Airport is Miami-based Ryder System, which has its headquarters a few miles to the north. The deal closed earlier this week, according to Walter Byrd, senior vice president at Trammell Crow Co. in Miami, who represented the new tenant.

DHL was the first tenant at the Beacon Lakes Business Park in January 2005. The 436-acre development, when complete, will have 6 million square feet of warehouse/distribution, office and retail space. The developer is Flagler-Codina Development.

One real estate broker in Miami, who wished to remain anonymous, said that he doesn't know what Ryder will pay for the space, but that when DHL struck the deal a year ago, the price per square foot was just over $7. Today, the landlord is probably asking more than $8 per square foot, said the broker.