Founders Fund & OpenStore Lease Office Space At The Annex Wynwood In Miami
215 Northwest 24th Street, Wynwood, Miami, FL, USA
Building Size
11,792 SF
Asset Type
Office
Closing
Mar 28, 2021
AI
The Annex Wynwood, located at 215 NW 24th Street in Wynwood, Miami, has recently completed a lease transaction for office space. The property, spanning 11,792 square feet, has attracted notable tenants Founders Fund and OpenStore.
Summary of transaction details
- Property Type: Office
- Transaction Date: 03/29/2021
- Market: Wynwood, Miami
- Asking Rent: $57/ft.
- Address: 215 NW 24th Street, Miami
Founders Fund, a venture capital firm, has secured the entire 8th floor of The Annex Wynwood, encompassing over 6,500 square feet of space. On the 4th floor, OpenStore, a boutique e-commerce platform, has leased approximately 5,000 square feet. Both tenants have chosen this location to join the growing community of tech companies flocking to South Florida for its favorable tax structures, skilled workforce, and sunny climate. The lease transaction was facilitated by Tony Arellano, Matthew Goodman, Jeff Gordon, David Lerner, and Adam Bernstein, A.P.A, from Dwntwn Realty Advisors.
This lease deal is a testament to the thriving tech sector in Miami, with prominent firms like Founders Fund and OpenStore expanding their presence in the area. The addition of these companies further solidifies Wynwood's reputation as a destination for innovative businesses.
Players
Miami Office Market Snapshot
Boundary boundary · Office · Lease transactions
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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