WeWork to lease roughly 65,000 sf at Brickell City Centre

Miami /
Aug.August 26, 2016 06:00 PM

Coworking giant WeWork has signed a deal to lease nearly 65,000 square feet of uncompleted office space at Swire Properties’ Brickell City Centre project, sources told The Real Deal.

A source with knowledge of the lease told The Real Deal that WeWork will occupy space at Two Brickell City Centre, the second of two Class A mid-rise office buildings at the project.

The lease includes “nearly half” of the 132,280-square-foot building’s total space, though an exact size was not given.

According to data from the CoStar Group, asking rents at the building average $53 per square foot, annually. That means the lease is likely worth millions of dollars.

Swire Properties has yet to complete the building, though its twin Three Brickell City Centre received its certificate of occupancy earlier this year.

This deal marks one of the largest expansions for WeWork in Miami, mirroring the shared office space provider’s explosive — and at times controversial — growth both in New York and throughout the country.

WeWork landed in South Florida in summer 2015 with its launch of an outpost on Lincoln Road, and the workspace provider jumped to a second 850-desk location at 429 Lenox Avenue in Miami Beach earlier this year.

In its biggest move so far, the company signed a lease for the entirety of downtown Miami’s 16-story Security Building, totaling about 96,000 square feet. WeWork has yet to open that space.

The company has battled both data leaks and challenges to its $16 billion valuation, all while working to aggressively expand in the hot co-working industry.


Related Articles

arrow_forward_ios
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
117 Northeast First Avenue (Getty, Gut Miami via Twitter)
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
Yamal Yidios and an aerial view of the property (Ytech)
Ytech completes $12M deal for Brickell high-rise dev site
Ytech completes $12M deal for Brickell high-rise dev site
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
Major Food Group's Jeff Zalaznick and the Design District location (iStock)
New York restaurateur Major Food Group to open three concepts in Miami
New York restaurateur Major Food Group to open three concepts in Miami
Laura Kozelouzek, CEO of Quest Workspaces, and a Quest classroom
Office is out, school is in: Co-working operators try to lure students into workspace
Office is out, school is in: Co-working operators try to lure students into workspace
arrow_forward_ios

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

Loading...