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NBCUniversal Telemundo Signs Massive 560,000-SF BTS Lease in Miami

International Telecom Giant to Consolidate Broadcast Center and Studios, Bringing 1,300 Jobs to Prologis Beacon Lakes Development
February 9, 2016
In what will surely be one of the most valuable commercial leases in Florida's history, NBCUniversal Telemundo Enterprises has signed a build-to-suit lease totaling 560,000 square feet in two buildings located at Prologis' Beacon Lakes development within the Miami Airport West Industrial submarket of South Florida.

Spanish-language media provider Telemundo will house its new broadcast center and studios at the site, consolidating roughly 1,100 jobs currently spread across Miami-Dade County and adding another 150. The campus will be responsible for numerous Telemundo shows including its network news, the Nuevo Dia morning show, Al Rojo Vivo, its cable network NBC Universo, its digital media operations, and Novela productions.

The company expects to invest more than $250 million in the construction of its new, technologically advanced, global headquarters, creating some 3,000 construction-related jobs and resulting in an estimated $400 million in sales for local businesses.

Telemundo's campus will be located on 21 acres at the corner of NW 25th St. and NW 117th Place, comprised of a state-of-the-art, 476,000-square-foot facility that will house 100,000 square feet of executive office space, broadcast and entertainment studios, a network operations center, set design operations and post-production facilities. A second, 87,000-square-foot building will initially be used for storage.
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Beacon Lakes is a 478-acre, multi-purpose business park on Miami's west side. Prologis, a global leader in industrial real estate, owns and operates the park, which features frontage on the Florida Turnpike and is already home to numerous corporations including Ryder Logistics, Panapina and Amazon.

As part of a forward disposition, Prologis sold the land for the Telemundo project to SunTrust Bank, which will serve as landlord for Telemundo. Prologis will remain onboard as a development consultant on the site.

Delivery of the campus is expected in early 2018, when Telemundo, which was acquired by NBCUniversal in 2010 and folded into its Hispanic Enterprises and Content division, will take occupancy of its new space.

"Our investment in this technologically advanced building is the latest example of our enthusiasm for NBCUniversal Telemundo Enterprises, its bright future, and our strong commitment to Florida," said David L. Cohen, senior executive vice president and chief diversity officer, Comcast Corporation. "As the country's largest provider of Spanish-language programming, we are excited about the development of this new headquarters and the opportunities it will provide as we further build on our strong commitment to the Hispanic community nationwide."

Brian Smith, Mike Davis and Audley Bosch with Cushman & Wakefield represented the tenant in lease negotiations. The global commercial real estate services firm also brokered the land sale on behalf of Prologis.

"To say this has been a team effort would be a gross understatement," concluded Davis. "It’s been a collaboration of countless individuals and firms working hard on this project for almost three years."

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