Co-working firm leases building in Miami’s A&E District

Co-working firm leases building in Miami’s A&E District

Wednesday, October 11, 2017

An England-based co-working operator just inked a long-term lease in Miami’s Arts & Entertainment District, according to the firm that brokered the deal.

The Factory is leasing a nearly 21,500-square-foot building at 31 Northeast 17th Street. It signed a $5.2 million, 10-year lease, according to a release. This will be the first Miami office the firm opens.

Hector Cataño of Cornerstone International Realty represented the landlord in the deal. Records show Prince Albert LLC, controlled by the Kluger family partnership, owns the two-story building, which is near Edgewater.

The space, previously occupied by Iron Addicts Gym, was raided by DEA agents in February after allegations its co-owner headed a $10 million international steroid production and distribution ring, according to the Miami Herald.

Cataño said the landlord was looking to fill the building with a different kind of tenant. It was built in 1948.

The Factory plans to move in in six months, Castaño said.

South Florida has become attracted a number of co-working spaces, with operators like WeWork , Büro and Pipeline.

In August, a California firm led by Rachel Lee Gerstein bought an office building in Miami Beach where it also plans to launch a co-working space called Sandhouse.

Source: The Real Deal