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Ryder Sells Miami Headquarters; Will Select New Miami-Dade Location
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Rhea-AI Summary
Ryder System, Inc. (NYSE: R) has sold its Miami headquarters campus for $42.1 million to Bridge Industrial. The 16.8-acre property, home to Ryder's 248,989-square-foot office since 2005, was deemed too large post-pandemic. CEO Robert Sanchez stated the decision to downsize was necessary due to reduced office space needs. Ryder will lease back the site for up to 12 months while seeking a new headquarters in the Coral Gables area, aiming for a space suited for a hybrid work model. Ryder remains committed to Miami-Dade County, where it was founded in 1933.
Positive
Sold Miami headquarters for $42.1 million.
Downsizing aligns with post-pandemic office space needs.
Plans to relocate to a hybrid work model headquarters in Coral Gables.
Negative
None.
MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and fleet management solutions, today announces it has sold its Miami headquarters campus, located at 11690 N.W. 105th Street, to Bridge Industrial, a privately-owned, vertically integrated real estate operating company and investment manager. The 16.8-acre property, which has housed Ryder’s 248,989-square-foot headquarters office building since 2005, was sold for $42.1 million.
The 16.8-acre property, which has housed Ryder’s 248,989-square-foot headquarters office building since 2005, was sold for $42.1 million. (Photo: Business Wire)
“Like many companies post-pandemic, we determined we needed much less office space than we were utilizing at our headquarters building,” says Ryder Chairman and CEO Robert Sanchez. “We were pleased with the current location of our headquarters office, but with the vacant space in the building and the very attractive rates for a buyer to move in or redevelop the site, we knew selling and downsizing was the right decision to make.”
While most of Ryder’s 48,000-plus workforce is employed throughout North America, the Miami location is home to 800 South Florida-based office employees, many of whom have remained working remotely or in a hybrid-work capacity since March 2020.
Ryder will lease back the company’s current Miami headquarters location for up to 12 months as it completes its search for a new headquarters. Ryder is currently exploring office space options in Coral Gables and surrounding areas. The new headquarters will be sized to a hybrid work style and be a customer showcase for Ryder technology and innovative solutions.
“Building on our 90-year history with South Florida, Ryder will remain headquartered in Miami-Dade County, in a world-class building that will enable us to continue to attract and retain the best talent,” adds Sanchez.
Ryder was founded in Miami in 1933 by Jim Ryder.
JLL Capital Partners represented Ryder in this transaction.
About Ryder System, Inc.
Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, full-service leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 260,000 commercial vehicles and operates approximately 300 warehouses, encompassing more than 95 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmental stewardship, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including our expectations with respect to expanding our transportation solutions business and the capabilities of the technology used in our freight brokerage business, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
