Co-working space operator picks up low-rise office building in Edgewater for $20.6M

Chicago-based Novel Coworking paid $20.6M for for the four-story, 54-year-old building on Biscayne Boulevard just north of downtown Miami

2125 Biscayne Boulevard (Credit: Artstreetecture | Google)
2125 Biscayne Boulevard (Credit: Artstreetecture | Google)

A Chicago-based company bought a Miami office building and plans to convert the 54-year-old commercial property to co-working space.

Novel Coworking said it paid $20.62 million for the 63,240-square-foot building at 2125 Biscayne Boulevard.

The seller, Toy 13 Inc., managed by Francisco Martinez-Celeiro, got $326 per square foot for the building, which last sold for $23 per square foot, or $1.46 million, in 1996.

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The four-story office building in Miami’s Edgewater area was constructed on a 33,530-square-foot lot in 1965.

Novel Coworking has a renovation plan for the building that would create co-working and private work spaces with access to a courtyard, kitchen, conference room, espresso bar and pub.

Monthly membership fees at the Novel Coworking building will range from $129 to $575 for a private office and will start at $449 per employee for office suites.

Novel Coworking expects to open its first Florida location in Orlando in September. [South Florida Business Journal]Mike Seemuth