Spaces inks first Brickell-area lease

It will have 49K sf at 801 Brickell
By Katherine Kallergis | May 03, 2019 01:15PM

Spaces co-founder and CEO Martijn Roordink and 801 Brickell

Spaces co-founder and CEO Martijn Roordink and 801 Brickell

Spaces is making moves in South Florida.

The co-working operator, which is owned by Regus’ parent company IWG, signed a lease at 801 Brickell Avenue, a 28-story office building. Spaces will have a total of 49,000 square feet. It will take over Regus’ existing 18,000 square feet, plus it will have a new 31,000-square-foot extension.

Regus, which acquired Spaces in 2015, has leased space at 801 Brickell since 1991. Spaces will be taking a portion of the seventh floor, plus the entire eighth and ninth floors. The flexible workspace brand has been expanding in the Miami market. In January, it announced a lease for nearly 43,000 square feet at One CocoWalk, an office building under construction in Coconut Grove.

Asking rates at 801 Brickell start at $60 per square foot, according to a spokesperson. The building, owned by TIAA, is set to undergo a major exterior renovation that will include an outdoor meeting area and new retail amenities.

Tenants include MasterCard International, Bolton Global Capital, Booking.com, Bessemer Trust and Gensler, as well as the popular Komodo restaurant. The building is now 99 percent occupied, according to a release.

Colliers International South Florida’s Stephen Rutchik and Tom Farmer represented Nuveen Real Estate, the investment management arm of TIAA, in the Spaces lease. JLL’s Randy Caballo and Gavin Macphail represented Spaces.

Spaces now has 185 co-working locations in more than 54 countries, according to the release.

An analysis by The Real Deal of the top co-working firms by square footage in Miami-Dade County as of Oct. 30 shows that Regus takes the crown for most square footage, offering both co-working space and traditional executive suites. But WeWork was close behind. Spaces currently has two sites open in South Florida, in Wynwood and Fort Lauderdale, according to its website.

In the Brickell area, its competition will include WeWork, Pipeline and Industrious. Industrious recently inked a 45,000 square foot lease at 1111 Brickell, and WeWork plans to open a second Brickell location at OKO Group’s planned 830 Brickell project.