The Real Deal Miami

WeWork to open in Miami Beach’s South-of-Fifth

Space will open May 1 at 429 Lenox Avenue

February 05, 2016 06:15PM

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WeWork Miami Beach

WeWork’s first location on Lincoln Road

WeWork, a shared office space provider that opened its first South Florida outpost on Miami Beach’s Lincoln Road last summer, now plans to open another site in the South-of-Fifth neighborhood.

The space, at 429 Lenox Avenue, will open on May 1, the New York-based company said.

WeWork South-of-Fifth plans to have 850 desks and feature such amenities as weekly events, lounges, micro-roasted coffee, beer on tap, community managers, private phone booths, conference rooms and event space, according to a spokesperson.

Since July, WeWork has operated on four floors with 40,000 square feet, at 350 Lincoln Road.

And another location is also in the works. In October, WeWork signed a lease for the entire 16-story Security Building at 117 Northeast First Avenue in downtown Miami.

Founded in 2010 by Neumann and Miguel McKelvey, WeWork runs shared office spaces in at least 20 cities in the United States, England, Israel and the Netherlands. Its “membership” includes 20,000 freelancers, start-ups, small businesses, and entrepreneurs. The company leases office space and then effectively sublets desks or rooms to “members” on a month-to-month basis.

WeWork announced in June of last year that it had raised another $400 million from investors at a valuation of $10 billion, bringing its total funding to about $1 billion.

In South Florida, WeWork joins a number of other shared office space companies, including BüroMADE at the Citadel, Quest Workspaces and PipelineIna Cordle