One CocoWalk, the office component of Coconut Grove’s CocoWalk lifestyle center in Miami, has added Spaces as its anchor tenant. The coworking giant will occupy 42,883 square feet within the Class A property, slated for delivery in the first quarter of 2020.
According to the long-term lease agreement, the tenant will take up 2,029 square feet on the building’s ground floor and another 40,854 square feet on the second and third floors. The current landlord, a partnership between Federal Realty Investment Trust, Grass River Property and Comras Co., acquired CocoWalk in 2015 and began redeveloping it in 2018.
Located at 3015 Grand Ave., CocoWalk will encompass a total of 100,000 square feet of office space and 150,000 square feet of experiential retail, entertainment and dining space once complete. The 85,762-square-foot One CocoWalk will feature amenities such as 24-hour security, dedicated elevators connecting office users with private parking, a visitor’s entrance and lobby, rooftop terrace and event space as well as full-service gym.
“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,” Jan Sweetnam, senior vice president & COO of Federal Realty Investment Trust, said in a prepared statement.
The five-story office property is now 50 percent leased. This expansion is set to be Spaces’ third location in the southern part of the state. “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,” noted Michael Berretta, vice president of Network Development for IWG.
Tere Blanca, Danet Linares and Juan Ruiz of Blanca Commercial Real Estate represented the landlord, while Randy Carballo and Gavin Macphail of JLL worked on behalf of the tenant in the lease negotiations.
“In addition to offering entrepreneurs a fully-amenitized coworking space in the heart of Coconut Grove, the arrival of Spaces will bolster the Grove’s fast-growing daytime population, driving even more foot traffic to area shops and restaurants with CocoWalk at the center of this action,” Tom Roth, principal of Grass River Property, noted.
Image courtesy of Felipe Zapata