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.

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

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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