Regus, the world’s largest coworking company, has signed a lease for the full office building at 429 Lenox Ave. in Miami Beach — a location previously leased by WeWork before it exited bankruptcy.
The building, located in the South of Fifth neighborhood, was abandoned by WeWork just seven months ago when the company restructured its operations and rejected its lease, according to BisNow.
The lease agreement, brokered by Colliers, gives Regus control of the entire five-story, 46,000-square-foot building.
The Switzerland-based International Workplace Group (IWG) plans to open a new location of its “Spaces” brand in the building by 2025. This will be IWG’s third and largest coworking space in Miami Beach.
The building was purchased for $37 million in 2022 by Azora Exan.
The deal is part of IWG’s broader expansion plan in Florida, with 33 new locations expected to open by 2027. This is the second former WeWork location taken over in Miami this year, following the opening of a Venture X coworking space at the Security Building in February.
Regus is positioning itself to capitalize on Miami’s growing demand for flexible office space, with the new location adding to IWG’s ongoing expansion in the region.
