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

Asking rents at building average $53 per square foot annually

TRD MIAMI /
Aug.August 26, 2016 06:00 PM

A rendering of Two Brickell City Centre and WeWork’s Miguel McKelvey and Adam Neumann

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
Daily Digest Miami

Saks makes bid for Barneys, Eighty Seven Park will offer a certified botanist: Daily digest

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

Daily Digest Miami

Homebuyers who bought after the market crash have made billions, Terra closes on $185M construction loan: Daily digest

Daily Digest Miami

Here are the homes of Miami Heat’s elite, developer Steve Witkoff revealed as buyer of Sunset Islands home: Daily digest

Brickell City Centr

Allegations of employee theft, retaliation and female harassment at Swire: lawsuit

Daily Digest Miami

The trade war could hurt the industrial real estate boom, Hurricane Dorian’s impact on Florida’s hotels: Daily digest

Daily Digest Miami

Carl Icahn is moving his firm from NY to Miami, Michael Shvo’s hotel plan could cost him $500M: Daily digest

Daily Digest Miami

Developers clear first hurdle in massive casino redevelopment, FPL fuels up with Homestead farmland for natural gas facility: Daily digest

arrow_forward_ios