Deal Amid Coronavirus: Personal Injury Firm Buys Miami Lakes HQ for $11.5 Million
Ward Law Group closed on its purchase and an acquisition loan despite the slowdown caused by the COVID-19 social distancing requirements.
April 14, 2020 at 02:23 PM
3 minute read
A personal injury law firm that largely serves the Latino community bought its new Miami Lakes headquarters for $11.5 million, one of a few transactions that closed since the onset of the coronavirus pandemic.
Ward Law Group bought the three-story, 52,745-square-foot partially occupied property at 6625 Miami Lakes Drive from Miami Lakes Commons LLC on Friday. The purchase breaks down to $218 per square foot.
Ward Law Group is relocating its headquarters with expansion in mind as it plans to hire 60 employees in the next three to five years, adding to its existing staff of 60 attorneys and support employees.
Its new space will be significantly bigger than its existing 12,000-square-foot headquarters also in Miami Lakes at 7975 NW 154th St. Ward Law plans to take over half of the space at its new building, or more than 26,372 square feet between existing available square footage and built-out space.
None of the existing tenants, which include Bank of America, will lose their space in the building at 6625 Miami Lakes Drive.
Ward Law secured BankUnited acquisition financing for an undisclosed amount.
Much of the acquisition and financing transaction work was done before the onset of COVID-19, although the final stretch was done remotely after the onset of social distancing requirements.
This has become a common thread in South Florida deals closed during the pandemic with many dealmakers working from home and getting documents signed and filed digitally.
The move to a bigger space reflects the firm's effective work prompting organic growth, founding partner Gregory Ward said.
"One of the factors limiting our growth has been office space. We have now solved that problem," Ward said in a news release.
The firm founded in 2013 by Ward and Jany Martinez-Ward started as a two-attorney team comprised of the couple and grew to a team of 60 in the past seven years.
The firm focuses on a community segment that often is underserved and grew through client word of mouth, Martinez-Ward said.
"When we get results for them, they refer us to their Spanish-speaking families and friends who have also been victims of car accidents," she said in a news release.
Ward Law plans to build out its new space with a modern design: unfinished ceiling, an open-feel floor plan and glass walls. The design focus is on serving clients, and conference rooms will be in the center of the space.
The firm intends to move in mid-October, but the date could be delayed if the coronavirus delays the build-out plan.
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