Carnival Corp (NYSE: CCL) is reportedly eyeing the sale of its long-held Miami headquarters to capitalize on real estate gains, seeking a smaller office footprint amid post-pandemic changes.
The cruise operator plans to sell its 470,000-square-foot Miami headquarters, aiming to downsize to approximately 300,000 square feet in a new location, reported Bloomberg, citing a person familiar with the matter, who asked not to be named citing private discussions.
The decision to sell the headquarters in Doral, Miami, which Carnival has owned for around 30 years, signals a strategic shift for the cruise giant, the report added.
While Carnival plans to remain in its current location for the next two years, the move to sell represents an opportunity to unlock significant value in Miami's burgeoning real estate market.
The decision aligns with a broader industry trend of companies adjusting their office spaces to match evolving work dynamics.
As per the report, Brokerage firm Cushman & Wakefield Plc is facilitating the sale, indicating Carnival's intentions to streamline its operations and optimize real estate assets.
The impending sale underscores the shifting dynamics in commercial real estate as companies navigate the aftermath of the COVID-19 pandemic.
Carnival's decision also highlights the competitive landscape within the cruise industry, with rivals such as Royal Caribbean Cruises Ltd (NYSE: RCL) and MSC Cruises SA making strategic moves in the Miami region.
Price Action: CCL shares are trading higher by 0.26% at $15.54 in premarket on the last check Wednesday.