The co-working firm Spaces just leased a lot of space in one of Miami Beach’s marquee properties.
Spaces leased 51,064 square feet at 1111 Lincoln, at the corner of Alton Road and Lincoln Road. The lease covers 55 percent of the total office space at the building.
The property is known for its large parking garage designed by Swiss architectural firm Herzog & de Meuron that some say resembles a “House of Cards.” The property has 94,488 square feet of office space and 51,839 square feet of retail and restaurant space.
Current tenants include Juvia, Ted Baker, Osklen, Shake Shack and Douglas Elliman, according to a press release. 1111 Lincoln is now 95 percent occupied, said Kevin Gonzalez, vice president at CBRE, in the release.
CBRE’s Diana Parker and Gonzalez represented the landlord. JLL’s Gavin Macphail represented Spaces in the lease negotiations.
Spaces is owned by IWG Plc, the parent company of Regus.
This is the second big lease Spaces has secured this month. It also signed a lease to occupy 49,000 square feet at 801 Brickell Avenue, a 28-story office building. In January, it announced a lease for nearly 43,000 square feet at One CocoWalk, an office building under construction in Coconut Grove.
Spaces currently has two other sites open in South Florida, in Wynwood and Fort Lauderdale, according to its website.
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.