2125 Biscayne Boulevard (Credit: Artstreetecture | Google) A Chicago-based company bought a Miami office building and plans to convert the 54-year-old commercial property to co-working space. Novel Coworking said it paid $20.62 million for the 63,240-square-foot building at 2125 Biscayne Boulevard. The seller, Toy 13 Inc., managed by Francisco Martinez-Celeiro, got $326 per square foot for the building, which last sold for $23 per square foot, or $1.46 million, in 1996. The four-story office building in Miami’s Edgewater area was constructed on a 33,530-square-foot lot in 1965. Novel Coworking has a renovation plan for the building that would create co-working and private work spaces with access to a courtyard, kitchen, conference room, espresso bar and pub. Monthly membership fees at the Novel Coworking building will range from $129 to $575 for a private office and will start at $449 per employee for office suites. Novel Coworking expects to open its first Florida location in Orlando in September. [South Florida Business Journal] – Mike Seemuth
Novel has purchased a 63,240 sq ft property in Miami . The 12 - story building , located at 1700 Biscayne Boulevard , will be renovated to create a combination of private offices and co - working spaces .