Regus Inks Full-Building Lease in Miami Beach
WeWork had previously occupied the property.
Regus has fully leased 429 Lenox, a 45,789-square-foot Class A flex office building in Miami Beach, Fla. The lease covers more than 10 years, according to the Commercial Observer.
Colliers Vice Chair Stephen Rutchik and Vice President Ana Paula worked on behalf of the landlords, Azora Exan, while JLL Executive Vice President Adam Bernstein represented Regus in the transaction.
Azora Exan acquired the property at 429 Lenox Ave. in 2022 from Goddard Investment Group for $37 million, with the help of a 10-year $19 million permanent loan originated by Abanca Corporacion Bancaria, according to CommercialEdge data.
WeWork, the building’s previous tenant, closed its flex office location in May.
Originally designed by Kobi Karp, 429 Lenox was built in 1949 and underwent cosmetic renovations in 2000. The property features a fitness center and a rooftop deck. The five-story office building is divided into three floors of shared workspaces and private offices and two levels of parking. The new coworking location will function under Regus’ SPACES brand.
Located in Miami’s South Beach neighborhood, the property is just off Florida State Road 907, which connects the office building to downtown Miami, some 6 miles west. Major thoroughfares in the area also include interstates 395, 95 and 195. The flex office is across the street from the Fifth & Alton shopping center, anchored by Target and T.J. Maxx.
Demand for flexible workspaces in Miami Beach continues to rise. The office market remains competitive, with an overall vacancy rate of 8.7 percent in the third quarter, and 340,298 square feet of new construction underway.
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