Regus Leases Former WeWork Building in Miami Beach
It will be the 26th location in Miami-Dade County for the IWG-owned coworking firm
By Julia Echikson December 10, 2024 4:13 pm
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Regus is picking up where WeWork (WE) left off in Miami Beach.
The coworking giant signed a lease for the entire five-story building at 429 Lenox Avenue, which faces Fifth Street in South Beach, according to Colliers, which represented the landlord, Azora Exan. The lease is over ten years long and offers 45,789 square feet of office space.
Regus, which is owned by IWG, plans to open next quarter.
WeWork previously occupied the 80,310-square-foot building. It shuttered the outpost in May after filing for Chapter 11 bankruptcy.
The outpost will mark Regus’ 26th location in Miami-Dade County, two of which are situated in and around Miami Beach’s Lincoln Road promenade.
JLL’s Adam Bernstein, who did not immediately respond to a request for comment, represented the tenant, while Colliers’ Stephen Rutchik and Ana Paula represented the landlord.
The Miami-based investor, a joint venture of Madrid-based Azora and Miami-based Exan Capital, purchased the property for $37 million two years ago, according to property records.
The Fifth Street strip is set to welcome more offices, too. Sumaida + Khurana is developing two boutique office projects, one of which is under construction, after securing a $47 million construction loan from Cain International last year. That will also house a San Ambroeus restaurant on the ground floor.
A representative for IWG did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
