NCL to stay in Miami

Jason · December 11, 2006

Source: South Florida Business Journal

Instead of moving to a new headquarters, Norwegian Cruise Line has decided to expand in its current space at Airport Corporate Center.

The 11-building office campus is in the Airport West/Doral submarket of Miami. Hines, the international real estate firm, said NCL now leases a total of 208,737 square feet, or about 20 percent of the Airport Corporate Center campus, including all of Building 11 and 65 percent of Building 10.

The firm said NCL plans a full renovation of its space, including adding a cafeteria, fitness facility and conference area.

In the lease negotiations, Travers Realty represented the tenant and Hines represented the property owner, Hines Real Estate Investment Trust.

Hines REIT bought Airport Corporate Center in January, its first purchase in Florida. Since then, it has made a total of 90,000 square feet in new leases, expansions and renewals.

NCL President and Chief Executive Officer Colin Veitch had previously suggested the company might even leave South Florida due to hurricane disruptions. Now, he said, the company continues to be committed to Miami, where it has been based for its entire 40-year history.

"This lease will take us beyond our 50th year as one of Miami's largest employers and fastest-growing companies," he said.

Some of that growth was reflected in the company's third quarter financials.

Third quarter revenue and profit both rose about 19 percent, despite a 20 percent rise in the cost of fuel.

The cruise line reported earning $49 million on revenue of $592.3 million for the period. That was up from the same time the year before, when profit was $41.2 million on revenue of $495 million.