Sweeter than a chocolate shake…

February 17, 2006

Buried in the S-1 that Burger King filed yesterday was this interesting little disclosure about the company’s new headquarters building, which is currently under construction.

Turns out that the company building the 224,638 square-foot building in Coral Gables happens to be owned by one of Burger King’s newest directors: Armando Codina. Codina, 59, joined Burger King’s board in November, according to the filing, and is founder and Chairman of the Codina Group, a real estate developer in Coral Gables. He also sits on a few boards: AMR (AMR), General Motors (GM), BellSouth (BLS) and this past summer, joined Merrill Lynch’s (MER) board. Burger King, the newest board, will be No. 5.

In the filing, Burger King says it plans to pay $5 million a year to lease the new building, which will not be ready until 2008, and that it has signed a 15 year lease for the building. So, that’s a $75 million deal. Yet, amazingly, Codina is still considered an independent director. Now that’s pretty sweet.

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