2023-05-16 07:41:53 ET
Ryder System ( NYSE: R ) announced the signing of a long-term lease for a new headquarters at the Colonnade office tower in Coral Gables, Florida.
The company’s move will be completed in early 2024, shifting its headquarters from Miami after nearly a century in the city. The company sold its nearly 17-acre global headquarters in Miami to Bridge Industrial for $42.1M in March.
“In our 90th year, it was important that we honor our founding and remain headquartered in Miami-Dade County which continues to be a logistics gateway and a county with a growing technology and innovation footprint. Coral Gables is a nationally recognized and business-friendly city that will enable us to continue to attract and retain the best talent, and we look forward to calling it our new home,” CEO Robert Sanchez explained.
“As Ryder continues to grow, we will have a state-of-the-art headquarters where we can work together, allowing us to better serve our more than 45,000 customers, current and future employees, and loyal shareholders,” adds Sanchez.
The announcement added that the about 800 corporate employees slated to work at the new HQ will work in a hybrid style, with work-from-home capability. The new headquarters will also serve as a “customer showcase for Ryder technology and innovative solutions” to make use of the space.
Despite high marks for valuation and profitability, the Seeking Alpha Quant team maintains a Hold rating on the stock .
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Ryder System relocates headquarters