WeWork has been bought out of their lease to occupy 146,000 square feet covering 10-floors at 830 Brickell by developers OKO Group and Cain International. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF representing a 42% rise year-over-year.
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WeWork Leaves Lincoln Road Location As Landlord Seeks $19.5 Million In Unpaid Rent
WeWork’s trouble’s due to COVID-19 continue as the landlord of their 350 Lincoln Road location has sued the co-working giant in Miami-Dade Circuit Court. SML 350 Lincoln Inc., an entity controlled by Shaul Levy and Meir Levy, alleges that WeWork breached their lease by failure to pay rent in April, May and June.
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Swire Properties Sells Two Brickell City Centre Office Buildings For $163 Million Amid Pandemic
Swire Properties has sold Two Brickell City Centre and Three Brickell City Centre for a combined $163 million, $630 per square foot, amid the COVID-19 pandemic. Each Class A Office building is roughly 130,000 square feet with the pricing broken down by $80.3 million for Two Brickell City Centre and Three Brickell City Centre sold for $82.7 million.
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Goddard Investment Group Moves To Evict WeWork From South of Fifth Location
WeWork’s landlord at 429 Lenox Avenue, Goddard Investment Group, has moved to evict WeWork from their South of Fifth location at 429 Lenox Avenue in South Beach. The 43,500 SF building is fully leased by WeWork who skipped out on rent payments for April, May and June.
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WeWork Lawsuit-Threat By Tenants Requesting Rent Relief Sends Shudders Through $5.5 Billion Of CMBS Debt
A group of WeWork’s members have moved toward suing the co-working giant in a letter sent by Walden Macht & Haran demanding that WeWork cease collecting rental fees. Many tenants have already requested rent relief, cancellation of their leases or stopped paying, which has put over $5.5 billion of CMBS loans backed by WeWork occupied properties at risk,
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OKO Group Launches The AS+GG Designed 830 Brickell Office Tower In Miami's Financial District
OKO Group, the US-based development company founded by international real estate and hotel magnate Vladislav Doronin, and Cain International, a privately held real estate investment firm, have revealed plans for 830 Brickell, the first new office tower to launch in Miami in nearly a decade.
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Check Out WeWork Ponce de Leon, WeWork's New Coral Gables Location Which Opened Earlier This Year
WeWork continues to expand in Miami as the co-working office space mega-brand officially opened its fifth location in the Miami area earlier this year in Coral Gables (2018). Located at 2222 Ponce De Leon Boulevard, WeWork Ponce De Leon features 552 decks and 118 offices,
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Adam Neumann and Miguel McKelvey
WeWork to Lease 65,000 SF of Office Space at Two Brickell City Centre
WeWork on Miami Beach
WeWork has announced that they will lease 65,000 SF of office space in Brickell City Centre. The lease could account to close to half of Swire Properties' 132,280 SF of the space at Two Brickell City Centre going to the highly-valued and controversial Coworking/ Shared Work Space pioneer, according to The Real Deal. Asking rents were around $53 SF. In 2015 WeWork opened an original Miami location on Lincoln Road then opened a second space with 850 desks on Lenox Ave. in Miami Beach. WeWork is currently valued around $16 billion and was founded in 2010 by Adam Neumann and Miguel McKelvey. Sources via TheRealDeal.
