Ryder System has sold its headquarters in South Florida for $42.1 million and is looking to downsize, the company announced Tuesday.
The 48,300-person logistics and transportation company has 800 workers connected to headquarters at 11690 N.W. 105th St., but remote and hybrid roles during the pandemic contributed to Ryder deciding to sell.
“Like many companies post-pandemic, we determined we needed much less office space than we were utilizing at our headquarters building,” Ryder Chairman and CEO Robert Sanchez said in the news release.
Ryder has used the nearly 249,000-square-foot headquarters office since 2005, and Ryder acquired the four-story property for $42 million in 2014, according to a Miami-Dade County property database.
Ryder will lease the building for up to 12 months as it searches for nearby office space in Coral Gables and surrounding areas in South Florida. The company will have the new space “sized to a hybrid work style,” Ryder said.
“Since March 2020, many of our corporate headquarters employees have been working remotely or adopted a hybrid schedule,” Ryder VP of Corporate Communications Amy Federman said in an email to Transport Dive. “For these employees, this will continue into the future.”
Earlier this year, the company announced reductions in its workforce at some sites and forecast last month that its annual operating revenue, which grew 19% to $9.3 billion in 2022, to increase approximately 4% for 2023.
Ryder has been planning for the slowdown, Sanchez has previously noted, and sees the business challenges as a way to prove its model.