Fastfood company Burger King has announced plans for a new corporate headquarters in Coral Gables, Florida.

The new base will serve as home to its global marketing, product development, operations, finance, information technology and other departments, it said. Annual system-wide sales for the global company are $12 bn.

Scheduled for completion by autumn 2008, the approximately 250,000-square-foot facility will house all Burger King Corporation employees who are currently in two separate locations in Miami-Dade County. Burger King will lease the building for a term of 15 years, with the option to renew for up to 15 years.

"We are delighted to have found a long-term solution that will allow us to bring all our Miami-area employees together under one roof," said Greg Brenneman, chairman and chief executive officer of Burger King Corporation. "We are deeply grateful to the state of Florida, Mayor Carlos Alvarez, the Miami-Dade County Commission and The Beacon Council for their tremendous support in helping us make this possible."

The building will be developed and owned by Codina Group in joint venture with JPMorgan Asset Management's SSPF Fund. The company's new headquarters will feature amenities to include a product test kitchen, employee cafeteria and dining room and a parking garage.

Burger King considered several locations, including some outside the state, Brenneman said.

"Miami has been the home of the Burger King brand since its inception, and we are glad we are able to continue the tradition," he said. Founded in 1954 by James McLamore and David Edgerton, the company has been headquartered in Miami for more than 50 years.