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

Miami /
Jun.June 23, 2019 04:00 PM

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.

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


Related Articles

arrow_forward_ios
Arch Companies founders Jeffrey Simpson, Jared Chassen and Infinity's David Berg. (Google Maps, Infinity, Getty)
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Moishe Mana and one of the properties that's located on Flagler Street. (Getty, Google Maps)
Moishe Mana expands downtown Miami assemblage with $27M purchase
Moishe Mana expands downtown Miami assemblage with $27M purchase
Robert Rivani of Black Lion Investment Group and Wynwood Arcade. (LinkedIn, Cushman & Wakefield)
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Hamilton on the Bay
Battle for their apartments: Hamilton on the Bay tenants in Miami’s Edgewater fight Aimco’s lease terminations
Battle for their apartments: Hamilton on the Bay tenants in Miami’s Edgewater fight Aimco’s lease terminations
2955 Northeast Seventh Avenue and Arte Surfside and Arrington's Coral Gables mansion (Google Maps, Arte, James Irwin / ONE Sotheby’s International Realty)
South Florida by the numbers: The mainstreaming of cryptocurrency
South Florida by the numbers: The mainstreaming of cryptocurrency
Baia Beach Club owners Michael Liebowitz, Perry Weitz and Russell Galbut. (Baia Beach Club via Facebook, Harbor Group Consulting, Weitz & Luxenberg)
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
One Thousand Museum with developer Louis Birdman (Getty, One Thousand Museum)
One Thousand Museum developers refund nearly $1M deposit for condo purchase in legal dispute
One Thousand Museum developers refund nearly $1M deposit for condo purchase in legal dispute
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...