Ryder System, Inc., a provider in supply chain, dedicated transportation and fleet management solutions, announced it has sold its Miami headquarters campus 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.

“Like many companies post-pandemic, we determined we needed much less office space than we were utilizing at our headquarters building,” said 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.