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Spaces Inks More Space in Miami

| Commercial Real Estate News, Coworking, Leasing| Views: 0

Coworking company Spaces has signed a 51,064-square-foot lease in Miami, further expanding its footprint in the region. The firm inked its new spot at 1111 Lincoln, an office, retail, and garage complex located in South Beach.

1111 Lincoln Road, Miami Beach. Photo courtesy of Yardi Matrix

Designed by Swiss architectural firm Herzog & de Meuron, the building is positioned at the corner of Alton and Lincoln Road. Built in 2010, the mid-rise, 7-story structure encompasses a total of 146,327 square feet, with 23,492-square-foot floor plates, according to Yardi Matrix.

After undergoing cosmetic renovations in 2017, the building’s amenities include controlled access, 300 parking spaces, and an onsite swimming pool. Other tenants at 1111 Lincoln are Sony, Adidas, Douglas Elliman, Juvia, Ted Baker, and Shake Shack. The property is now 95 percent occupied, The Real Deal reported.

CBRE’s Diana Parker and Kevin Gonzalez represented the landlord. JLL’s Gavin Macphail represented Spaces in the lease negotiations, according to The Real Deal.

“Demand for flexible office solutions in a best-in-class asset on Miami Beach is remarkably high,” CBRE’s Kevin Gonzalez said. “The previous tenant occupied 45% of the building, and we were able to lease the space with no downtime between tenants.

This is the second big lease Spaces has secured this month and the third this year. The company also signed to occupy 49,000 square feet at 801 Brickell Avenue, a 28-story office building in Miami. Spaces also inked 43,000 square feet of space in Coconut Grove earlier this year.

“We’ve seen consistent growth in South Florida, by established companies who are setting up Latin American hubs and startups who are expanding into a variety of new sectors,” said Michael Berretta, VP of network development of IWG. “As a result, we continue to expand our presence in the region based on customer demand.”

Spaces is owned by IWG Plc, the parent company of Regus.

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