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Co-working space operator URBIN buys Coral Gables office building for $12.5M
URBIN has raised $23 million from investors including former UM football star Jonathan Vilma
A co-working space operator called URBIN acquired an office building in Coral Gables for $12.5 million.
URBIN bought the 52,719-square-foot office building at 299 Alhambra Circle for about $237 per square foot, according to Rishi Kapoor, CEO of Coral Gables-based Location Ventures.
The five-story office building was sold by Coral Gables Financial Center, managed by Shawn Khosravi, who also is an investor in URBIN.
Kapoor also told the South Florida Business Journal that URBIN is a new co-working space operator with $23 million of capital raised from investors including Location Ventures and Jonathan Vilma, a former University of Miami football player who played for the New Orleans Saints and the New York Jets.
Other investors in URBIN include Vivian Bonet, Luis Estrada, Carlos Lopez and Daniel Motha, according to Kapoor.
Kapoor also said URBIN plans to raise another $50 million of capital by the end of 2018.
The Coral Gables office building will be the first URBIN location. The company plans to renovate the building and put 750 work desks there, which would be available for monthly subscription prices starting at $200.
URBIN expects the building to become operational as a co-working facility with a fitness center by early next year. [South Florida Business Journal] – Mike Seemuth