WeWork finally has an opening date for its downtown Miami location, two years after inking a deal with the property’s owners.
The co-working firm, which was valued at $20 billion in July, will open Dec. 1 at the Security Building, a historic 15-story building at 117 Northeast First Avenue, a spokesperson told The Real Deal. WeWork signed a 15-year lease for the nearly 97,000-square-foot building. It will mark the fourth Miami area location for WeWork, after two in Miami Beach and one at Brickell City Centre.
The Security Building location will have space for more than 1,200 WeWork members, including private offices, 17 nooks, 28 meeting rooms, 20 lounges, phone booths and event space. It will also feature the company’s community bars, pantries, coffee and snacks, the spokesperson said.
Investors Andrew Joblon, Daniel Gohari, Rory Greenberg and Ricky Weisfisch acquired the building for about $25.5 million in 2015. 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.
Adam Wacenske, general manager for WeWork’s southern region, told TRD the building is one of the company’s “more unique” locations.
The buildout has taken about eight months so far, led by WeWork’s in-house design team. Renovations included converting the first and mezzanine floors into event space, turning the building’s original bank vault into a “quiet room” and preserving the crown molding and brick walls. The building was designed by New York architect Robert Greenfield.
Büro, Made at the Citadel, the Lab and Pipeline are among the co-working firms in Miami-Dade.
Sources previously told TRD the Security Building site was being considered for a WeLive outpost, a co-living concept.
“We were definitely exploring different options but with the resurgence of downtown Miami, we think this is a perfect space for WeWork,” Wacenske said.