Burger King Finds New Headquarters

Burger King Corporation broke ground today on its new 231,000-square-foot headquarters building. The new "Home of the WHOPPER®'' will be located at 5505 Blue Lagoon Drive within the Waterford Office Park complex south of Miami International Airport. Florida Governor Jeb Bush, Miami-Dade County Mayor Alex Penelas and other dignitaries participated in the ceremony with newly appointed Chairman, Chief Executive Officer and President of BURGER KING® Corporation John Dasburg, who takes the reins of the company on April 1. The new facility will be ready for occupancy by Fall 2002.

"This new building allows us to reduce our overall occupancy costs while meeting the specific needs of our business. We'll also be in a more visible and convenient location,'' Dasburg said.

The nine-story "smart'' building will incorporate technological enhancements as well as features unique to the Burger King system including a test kitchen and sensory lab for development of new products, Burger King University and other special training facilities -- all at a lower rate per square foot than the current headquarters. The building will also offer such conveniences as a cafeteria, parking garage, credit union, flexible meeting room facilities, and teleconferencing capability that will speed communications within the company and reduce travel expenditures.

Burger King Corporation signed a multi-year lease in December 2000 on the 5.2-acre site with the Teachers Insurance and Annuity Association of America, owners of the property. Burger King Corporation will be the building's sole tenant.

Although other sites were considered, including out-of-state locations, Burger King Corporation's future will remain rooted in its hometown soil. Nearly half a century ago, James W. McLamore and David Edgerton opened the first restaurant at 3090 NW 36th Street, Miami, less than five miles from the site of the new "Home of the WHOPPER®.''

"Retaining a global corporation like Burger King, when communities from all over the nation are clamoring to lure them away, is a testament to the power of what can be accomplished when government and business work together,'' Governor Bush said.

"Burger King restaurants span the globe, but the place the Corporation calls home is where it was founded, here in Miami,'' Dasburg said. "With construction of the new headquarters building underway, our commitment to Miami continues.''

To commemorate the day, Miami-Dade County Mayor Alex Penelas declared Friday, March 2nd as Home of the Whopper® Day. Other speakers included Frank Nero, President of the Beacon Council, and acting CEO for Burger King Corporation, Colin Storm.

Centex-Rooney Construction Company, Inc., will construct the pre-cast concrete and glass structure. Centex-Rooney, Florida's largest general contractor and construction manager, is a subsidiary of Centex Construction Group, a division of Dallas-based Centex Corporation (NYSE: CTX), a FORTUNE 500 company.