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

TRD 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
Vlad Doronin and a rendering of Missoni Baia (Credit: Wikipedia Commons and Missoni Baia)

Vlad Doronin, partners score $243M loan for Edgewater tower

Kushner Companies' Charles Kushner and Laurent Morali

Inside Kushner Companies’ $1B expansion into South Florida

Rendering of the Edgewater Holiday Inn pool

Bank OZK lends $28M for Holiday Inn project in Edgewater

Alex Sapir and the site at 1768 Northeast Second Court (Credit: CBRE)

Alex Sapir’s massive Opportunity Zone site in Miami hits the market

Rendering of Crescent Heights’ project with Russell Galbut

Crescent Heights to begin construction of massive Edgewater project

James Harpel and The Bristol in West Palm Beach

South Florida developer pays $8M for condo at the Bristol

Broker Jamie Maniscalco and Russell Galbut with 2901 Northeast Second Avenue

Russell Galbut closes on missing piece of his Edgewater assemblage

Listing broker Rani Hussami and Hamilton on the Bay

Arison-developed Hamilton on the Bay hits the market in Edgewater

arrow_forward_ios