Coworking Company Leases 26K SF at One Biscayne Tower
By Jeff Ostrowski September 22, 2022 4:48 pm
reprints
Quest Workspaces signed a new lease for more than 26,000 square feet at Miami’s One Biscayne Tower, landlord CP Group said Thursday.
Quest operates a number of coworking locations in South Florida, including two on Brickell Avenue and one each in Coral Gables, Doral, Fort Lauderdale, Plantation, Boca Raton and West Palm Beach. Coworking spaces start at $199 a month, while private offices start at $799 a month, according to the firm’s website.
The Quest deal brings One Biscayne Tower, a 38-story building at 2 South Biscayne Boulevard, to 77 percent occupancy, CP Group said. In another deal at the trophy tower this summer, French shipping company CMA CGM renewed a 20,000-square-foot lease.
The work-from-home trend has delivered a setback to office space globally and in South Florida. Earlier this year, Fortune 500 member Ryder System said it would sell its corporate headquarters near Miami because so many employees are working remotely.
“We’re still in a transition period,” Lance Benson, the Newmark (NMRK) broker who represented Quest, told Commercial Observer. “But as each month goes by, more companies are coming back to the office.”
But Boca Raton-based CP Group remains bullish on office space. CP, in partnership with Rialto Capital Management and Sabal Capital Partners, bought One Biscayne Tower last year for $225 million. The Downtown building is between First and Flagler streets, just west of Bayfront Park.
“As tenants continue to demand superior, well-located office space to facilitate in-person collaboration and employee retention, we expect to see continued interest in not only this tower, but all our Downtown Miami assets,” John Osborne, senior vice president at CP Group, said in a statement.
In the latest lease at the property, Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield (CWK) represented the landlord.
Jeff Ostrowski can be reached jostrowski@commercialobserver.com.
