WeWork, the New York-based co-working network, has signed a 15-year lease for the entire 96,575-square-foot Security Building in downtown Miami, making it its second site in South Florida, according to a Metro 1 executive.
Metro 1 brokered the sale of the 16-story Security Building, at 117 Northeast First Ave., in June for $23.5 million. The historic building’s new owners had originally signed a lease with another shared office space provider, but that deal fell through and WeWork then came in and completed the lease transaction, said Tony Arellano, executive vice president of Metro 1 Commercial. WeWork plans complete buildout of the 1926 building, opening in the first quarter of next year, Metro 1 said.
Arellano said the WeWork deal is testament to thinking outside the box. “The seller got a price that normally wouldn’t be achievable and a lot of smart maneuvering was involved to bring the building back to its original grandeur and help secure a tenant like WeWork,” he said.