The Real Deal Miami

Co-working operator Spaces to lease half of One CocoWalk

Spaces is taking 43K sf at new Coconut Grove office building
By Katherine Kallergis | January 15, 2019 03:30PM

Rendering of One CocoWalk (Rendering by ArX Solutions)

Spaces is heading to Coconut Grove.

Regus’ co-working operator signed a lease for nearly 43,000 square feet at One CocoWalk, a five-story, 85,762-square-foot office building under construction at CocoWalk.

Spaces will anchor the office building, taking about 2,000 square feet on the ground floor and the remaining 41,000 square feet on the second and third floors, according to a release. The building will be delivered in the first quarter of next year.

Spaces signed a 12-year lease, according to a spokesperson.

Federal Realty Investment Trust, Grass River Property and the Comras Company are redeveloping the mall at 3015 Grand Avenue to include a total of 100,000 square feet of office space and 150,000 square feet of retail, dining and entertainment space. The partnership paid about $87.5 million for the property in May 2015. CocoWalk opened in 1990.

Randy Carballo and Gavin Macphail of JLL represented Spaces in the lease and Tere Blanca, Danet Linares and Juan Ruiz of Blanca Commercial Real Estate represented One CocoWalk.

Asking rents range from the high-$50s per square foot to the low $60s per square foot, according to Blanca.

The building will have private parking for office tenants and access to a gym at CocoWalk.

Büro, a South Florida-based shared office space company led by founder and CEO Michael Feinstein, opened in a 10,000-square-foot space across the street from CocoWalk at 2980 MacFarlane Road in 2016.

The flexible office space market is growing in South Florida, but experts have warned that the region doesn’t attract the blue-chip clients that are increasingly bolstering co-working firms across the country. Since 2015, WeWork has taken up more than a quarter million square feet of office space in Miami-Dade, close to five times the square footage Büro occupies at its five locations, which range from 10,000 to 20,000 square feet, according to a recent analysis by The Real Deal.