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.
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.