One Cocowalk Signs 43,000 SF Anchor Tenant

Jan 15, 2019 No Comments by

One Cocowalk, the Class A office component of Coconut Grove’s commercial centerpiece – CocoWalk – has secured international co-working operator, Spaces, as its anchor tenant.

Spaces will occupy 42,883 square feet within the five-story office building, now under construction and set for completion in the first quarter of 2020. Spaces’ long-term lease is comprised of 2,029 square feet on the building’s ground floor and 40,854 on the second and third floors.

The signing of One Cocowalk’s anchor tenant solidifies Coconut Grove’s position as a highly desirable market for companies seeking class A offices and brings the property to 50% leased with several other leases in advanced negotiations.  A redeveloped CocoWalk will be a critical component of the Grove’s reemergence as one of Miami’s premier lifestyle destinations. CocoWalk will be home to a total of 100,000 square feet of office space and 150,000 square feet of experiential retail, dining and entertainment space, along with welcoming public spaces throughout.

The upscale shopping center, opened in 1990, was purchased for $88 million in 2015 by national REIT Federal Realty Investment Trust, Grass River Property and Comras Company. The JV is now under construction with a redevelopment plan that will enhance CocoWalk’s connection to surrounding streets, aligning the property with the area’s changing demographics and revamping its commercial offerings.

 

“As new ways of doing business emerge, the flexibility coworking facilities offer is gaining popularity. Spaces is a great fit for freelancers, energetic entrepreneurs, mobile workers and startups as well as project teams or regional headquarters of well-established companies,” said Jan Sweetnam, Senior Vice President and Chief Operating Officer of Federal Realty Investment Trust. “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.”

Randy Carballo and Gavin Macphail of JLL in Miami represented the tenant, Spaces, in the lease transaction. The landlord, One Cocowalk, was represented by Tere Blanca, Danet Linares and Juan Ruiz of Blanca Commercial Real Estate.

Spaces is rapidly expanding its footprint in South Florida and One Cocowalk is set to be its third location in the area. Spaces originated in Amsterdam and exploded into the U.S. co-working scene in 2015. Since that time, it has built up an expansive portfolio spanning the globe, operating 160 coworking locations in more than 80 countries worldwide.

 

“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,” said Michael Berretta, Vice President of Network Development for IWG, which owns Spaces. “It’s an exciting time to be entering the market and One Cocowalk was a natural choice for our next Spaces location within the region. It embodies the vibrant spirit and ethos of our brand and provides the amenities and type of neighborhood environment that will help further foster our members’ growth and creativity.”

The coworking concept offers tenants a variety of workspace options, from dedicated desks to traditional office configurations to open areas that foster collaboration, on flexible contract terms. Special events and other perks conspire to create a shared work environment that is fun, efficient, inspiring and productive.

Amenities at the 85,762-square-foot One Cocowalk will include dedicated elevators connecting office users with private parking, 24/7 security, and a visitor entrance and lobby as well as access to a full-service gym inside CocoWalk. Perhaps the most unique amenity for tenants will be One Cocowalk’s rooftop terrace and event space, an urban oasis overlooking Coconut Grove’s lush tree canopy and historic brick sidewalks.

 

“In addition to offering entrepreneurs a fully-amenitized co-working 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. This is a big win for Coconut Grove,” said Tom Roth, principal of Grass River Property.

Centrally located just minutes from Miami’s Brickell, Downtown, Coral Gables and Key Biscayne neighborhoods, Coconut Grove has a rich history dating back to Miami’s earliest days. Today, its commercial district is booming with chef-driven restaurants, trendy boutiques, coffee houses, art galleries and public parks that preserve its walkability and historic charm.

 

 

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