Regus to relocate its workspaces near Lincoln Road
Regus, a flexible workspace provider, plans to move off Lincoln Road, into a nearby building designed by the late architect Morris Lapidus.
The company has inked a 10-year lease with Terranova Corp. for 19,374 square feet, covering two floors at 1688 Meridian Avenue, just off Lincoln Road in Miami Beach, Terranova said.
The building, designed by Lapidus in 1961, is a mixed-use project totaling 92,644 square feet of office and retail space adjacent to the Miami Beach Convention Center.
Regus is relocating its business center from 1111 Lincoln Road and is expected to open in June, with its sales office opening earlier in the year, Terranova said.
According to its website, Regus has 3,000 centers in 900 cities and 120 countries worldwide. The company has 34 locations in Florida, many of which are in South Florida, and in December, Regus signed a lease for Turnberry Plaza in Aventura.
At 1688 Meridian, Regus will join Dizzy Inc., DBI Construction Consultants, Next Model Management, Uceda School, Verizon Wireless, and Merchant Data Systems.
Terranova’s commercial associate Michael Nathanson represented the landlord in the deal.
Property records show the building’s owner as Beach Tower LLC, in care of Terranova. A Terranova spokesperson said Terranova is the property management and leasing firm for the building and Terranova Chairman Stephen Bittel is a managing member of Beach Tower LLC. Terranova declined to provide leasing terms.
“There has been a shortage of small office space available in Miami Beach and they were able to fill that need by taking a larger space, while at the same time moving closer to the anticipated over $1 billion worth of construction projects around the Miami Beach Convention Center,” Nathanson said in a statement.
Lincoln Road recently attracted shared office space provider WeWork, which opened its first South Florida location in July at 350 Lincoln Road. There, the New York-based company is leasing four floors totaling 40,000 square feet.
In October, WeWork, which operates dozens of co-working spaces in four countries, also signed a lease for the entire Security Building, at 117 Northeast First Avenue in downtown Miami.