WeWork inks lease for entire Security Building in downtown Miami

Miami /
Oct.October 07, 2015 09:45 AM

WeWork, the New York-based company that operates dozens of co-working spaces in four countries, has signed a lease for the entire Security Building in downtown Miami.

The shared office space company will lease the 96,575-square-foot building at 117 Northeast First Avenue, the property’s co-owner Andrew Joblon told TRD. The space will represent WeWork’s second site in South Florida. The Commercial Observer first reported the lease in August. 

“The building has incredible bones and is easily accessible from all of the major submarkets within Miami and Miami Beach,” he said. “In conjunction with the improvements on Flagler, this is another indicator and positive step in the right direction for downtown.”

WeWork signed a 15-year lease at the currently vacant, 16-story building with plans for a significant build-out. Construction will begin in about a month, Joblon said. No brokers were involved.

Joblon and his partners, Daniel Gohari, Rory Greenberg and Ricky Weisfisch, acquired the entire mixed-use building for about $25.5 million this summer. The property, also known as the Capital Lofts building, was built in 1926 and designated historic by the U.S. National Register of Historic Places in 1989.

WeWork plans to open by the end of the first quarter of next year, Greenberg told TRD. The building’s owners had originally signed a lease with NeueHouse, another shared office space provider, but that fell through. WeWork co-founder Adam Neumann flew down and “fell in love” with the space, Greenberg said.

WeWork opened its first South Florida location in July at 350 Lincoln Road. There, the company is leasing four floors totaling 40,000 square feet.

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

Most WeWork shared offices have a similar design, but the company offers some customers the chance to design custom-built offices in exchange for a longer-term commitment. The South Beach location offers standard amenities such as lounges, conference rooms, and phone booths. The company could not immediately be reached for comment.

WeWork joins a number of South Florida shared office space companies, including BüroMADE at the Citadel, Quest Workspaces and Pipeline.


Related Articles

arrow_forward_ios
A photo illustration of Moinian Group’s Joseph Moinian along with a rendering of Bezel Miami at 650 Northeast Second Avenue (Getty, Moinian Group)
Moinian nabs $185M refi for Miami Worldcenter apartment tower
Moinian nabs $185M refi for Miami Worldcenter apartment tower
Tibor and Jerome Hollo with 1101 Brickell Avenue in Miami and Barry Sternlicht with 2340 Collins Avenue in Miami Beach (Google Maps, Getty)
Lease roundup: Hollo’s FECR moves, Sternlicht’s building nabs tenants
Lease roundup: Hollo’s FECR moves, Sternlicht’s building nabs tenants
Art Basel Miami Beach (Illustration by the Real Deal with Getty, Master Brokers Forum)
South Florida by the numbers: Art Basel at 20
South Florida by the numbers: Art Basel at 20
The site at 1431 North Bayshore Drive with Genting CEO Lim Kok Thay (Genting)
Genting wants over $1B for waterfront Miami site
Genting wants over $1B for waterfront Miami site
First Quality Enterprises' Kambiz Damaghi along with a rendering of the two proposed residential towers next to MiamiCentral (Getty, First Quality Enterprises, Facebook/Clinton County Economic Partnership, Zyscovich)
Damaghi family buys resi tower dev sites next to MiamiCentral
Damaghi family buys resi tower dev sites next to MiamiCentral
Aria's David Arditi with rendering of 501 Residences (Aria Development Group, Getty)
Aria JV scores $81M construction loan for downtown Miami condo project
Aria JV scores $81M construction loan for downtown Miami condo project
From left: Bel Invest's Maximillian Beltrame, Mast Capital's Camilo Miguel, and PMG's Ryan Shear (Getty; Illustration by Kevin Rebong for The Real Deal)
Life after FTX: What happens to the crypto buyer pool now?
Life after FTX: What happens to the crypto buyer pool now?
River Landing Shops and Residences with Andrew Hellinger and Coralee Penabad of Urban-X Group (UrbanX)
Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...