This co-working company opened two offices in Palm Beach County

The properties in Boca Raton and Boynton Beach were purchased for $9M

Apr.April 24, 2019 05:30 PM

CGI Merchant Raoul Thomas, Nexus BocaRaton and Nexus Boynton Beach

The co-working craze is heating up in South Florida.

CGI Merchant Group, which owns Nexus Workspaces, announced it opened two new Nexus Workspaces co-working offices in Boca Raton and Boynton Beach. The Miami-based private equity firm bought the properties for a combined price of $9.4 million in February, records show.

The move signals growing interest in co-working, as smaller companies such as Nexus Workspaces try to compete with industry giant WeWork.

Nexus BocaRaton is a 44,000-square-foot Class A office space at 20283 State Road 7. It has more over 100 executive and corporate office suites, ranging from 80 square feet to 2,800 square feet, with 86 percent of the space currently occupied, according to a press release.

Nexus Boynton Beach is a 15,262-square-foot Class B office space at 1375 Gateway Boulevard. It has about 70 suites ranging from 110 square feet to 280 square feet, with over 50 percent occupancy. Together, the two offices total 59,262 square feet of commercial space.

A spokesperson for CGI said the company made significant capital improvements to the two offices before tenants moved in. Tenants come from various industries, including law offices, as well as insurance, construction, and information technology.

Nexus Workspaces now has six locations with more than 320,000 square feet in five cities in Florida: Stuart, Vista Park, Wellington, Boca Raton and Boynton Beach.

Co-working is becoming increasingly popular in South Florida. In Miami-Dade County, Regus ranked as the largest co-working firm with 367,211 square feet of space as of December. WeWork was second with 304,709 square feet, according to an analysis by The Real Deal.

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