IWG Leases Miami Beach Building WeWork Rejected During Bankruptcy
The world's largest coworking company has leased a full building on Miami Beach that WeWork had to give up in bankruptcy.
Popular coworking brand Regus, part of IWG, is taking over a former location in Miami Beach just seven months after WeWork cut its losses with the property.
International Workplace Group has signed a lease for the entirety of the office building at 429 Lenox Ave., according to a press release from Colliers, which brokered the deal. The Switzerland-based company plans to open a location of its Spaces brand in the first three quarters of 2025.
The coworking space would be the third and largest location for IWG in Miami Beach. The landlord, Azora Exan, bought the five-story building for $37M in 2022. That was fully leased to WeWork.
WeWork rejected its lease at 429 Lenox Ave. during its bankruptcy restructuring after a spokesperson said it was negotiating with the landlord in an attempt to keep it. The space closed in May, and WeWork exited bankruptcy the following month, keeping its other five Miami locations.
WeWork's lease for the entire building was reported as 80K SF, while the new lease was announced as a full-building, 46K SF lease with Regus. A Colliers spokesperson said the rest of the space in the building is used as parking.
“We are excited to welcome Regus at 429 Lenox, marking a new chapter for our office building in the vibrant South of Fifth neighborhood,” Arturo Vinueza, vice president of investments at Azora Exan, said in a statement.
The property was designed by Kobi Karp and has rooftop access. JLL’s Adam Berstein represented Regus, while Colliers' Vice Chair Stephen Rutchik and Vice President Ana Paula represented Azora Exan in the lease.
The new Regus location comes amid an aggressive IWG expansion throughout Florida, with 33 locations coming by 2027, five of which in South Florida.
This is the second former WeWork location taken over this year in Miami. In February, Vast Coworking Group opened a 20K SF Venture X coworking space at the Security Building, where WeWork exited in 2021.
