Venture X Revives Historic Miami Building with 20K SF Coworking Space at Former WeWork Location

A franchisee under the Vast Coworking Group has secured a substantial 10-year lease covering 20,253 square feet across three floors in the historic Security Building at 117 NE First Avenue. The soon-to-be coworking space, set to open within 120 days, will operate under Vast's Venture X brand. While the representative for Vast declined to disclose the franchisee's identity, Matt Cozza, Vast's vice president of development, confirmed the lease terms, revealing an asking rent of $47 per square foot.

History of the Location

This move follows the departure of WeWork, which held a 15-year lease for the entire 96,575-square-foot building back in 2015. However, the now-bankrupt coworking giant ceased operations at this location two years ago. The Security Building, a 17-story structure erected in 1926, underwent a change in ownership in 2021 when Fuse Group acquired it for $12 million, as per property records.

Legal and Financial Background

Notably, six months prior to the ownership shift, the previous proprietor, Security Building AR Owner LLC, faced financial challenges, defaulting on a $47 million mortgage. This triggered legal action from the lender, Denver-based Platform Capital Funding, seeking to recover $37 million in principal, administrative costs, and late fees.