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Co-working operator Spaces to lease half of One CocoWalk

Spaces is taking 43K sf at new Coconut Grove office building
Jan. 17, 2019

The developer of the office building rising at Miami’s CocoWalk has signed co-working company Spaces as the anchor tenant.

Spaces will lease 42,883 square feet in the five-story building, including 2,029 square feet on the ground floor and most of the space on the second and third floors.

The One CocoWalk office building is the ambitious plan by co-owners Federal Realty Investment Trust (NYSE: FRT), Grass River Property and Comras Co. to tear down part of the retail center in the heart of Coconut Grove and invite office tenants to the historic neighborhood. The 85,762 square feet of offices are now 50 percent leased.

The landlord is represented by Tere BlancaDanet Linares and Juan Ruiz of Blanca Commercial Real Estate. Spaces is represented by Randy Carballo and Gavin Macphail of JLL.

“As new ways of doing business emerge, the flexibility co-working facilities offer is gaining popularity,” said Jan Sweetnam, senior VP and chief operating officer of Federal Realty. “Spaces is a great fit for freelancers, energetic entrepreneurs, mobile workers and startups as well as project teams or regional headquarters of well-established companies. Coconut Grove, renowned as Miami’s bohemian enclave since the 1960s, appeals to the nomadic, non-traditional mindset of the millennial generation now comprising the lion’s share of the workforce, making it a perfect site for Spaces.”

Demolition started on CocoWalk in summer 2018 and the office building is currently under construction at 3015-3059 Grand Ave. It is scheduled to be completed in the first quarter of 2020.

CocoWalk will still have approximately 150,000 square feet of retail, dining and entertainment.

“South Florida is experiencing an entrepreneurial surge and Coconut Grove is quickly becoming one of the area’s premier destinations for startups to call home,” said Michael Berretta, VP of Network Development for IWG, which owns Spaces. “It’s an exciting time to be entering the market and One CocoWalk was a natural choice for our next Spaces location within the region. It embodies the vibrant spirit and ethos of our brand and provides the amenities and type of neighborhood environment that will help further foster our members’ growth and creativity.”

Spaces has a location coming to Miami Central Station in February, according to its website. That would be its first space in Miami.

 

Katherine Kallergis

Read more at https://therealdeal.com/miami/.