Regus Signs 10& Year Lease For 45789 SF Office At 429 Lenox Avenue Miami Beach
429 Lenox Avenue
Building Size
45,789 SF
Asset Type
Office
Closing
Dec 10, 2024
AI
The office asset at 429 Lenox Avenue spans 45,789 square feet and is located in the Miami Beach market. Regus has signed a lease for this property, which includes replacing WeWork, following its bankruptcy filing.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 429 Lenox Avenue
- Market: Miami Beach
- Lease Term: 10+ years
- Landlord: Juan Jose Zaragoza, Fernando Perez-Hickman & Ignacio Gil Casares - Azora Exan
- Tenant: Mark Dixon - Regus
- Landlord's Representative: Ana Paula & Stephen Rutchik - Colliers
- Tenant's Representative: Adam Bernstein - JLL
The transaction marks Regus's 26th location in Miami-Dade County. The leasing process was managed by JLL for Regus and Colliers for Azora Exan, with the new space expected to open in the next quarter.
Players
Miami Beach Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93