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Out with old, in with the new for a coworking space in Miami.
A franchisee signed a 20,253-square-foot lease covering three floors at a former WeWork (WE) location in Downtown Miami to open a new coworking space under the Vast Coworking Group’s umbrella.
Located inside the historic Security Building at 117 NE First Avenue, the outpost will span the seventh, eighth and ninth floors. The location, scheduled to open within the next 120 days, will be under Vast’s Venture X coworking brand.
The lease is 10 years, and asking rents stood at $47 a square foot, according to Matt Cozza, vice president of development at Vast. A representative for Vast declined to name the franchisee.
Back in 2015, WeWork had signed a 15-year lease to occupy the entire 96,575-square-foot building, according to the Miami Herald. The now-bankrupt coworking company shuttered the outpost two years ago.
The 17-story building, constructed in 1926, came under new ownership in 2021, when Fuse Group paid $12 million, according to property records.
Six months earlier, the previous owner, Security Building AR Owner LLC, defaulted on a $47 mortgage, and the lender, Denver-based investment firm Platform Capital Funding, sued to recoup $37 million in principal balance, administrative costs and late fees.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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