A shared workspace company is closing a key South Beach location. What to know
Shared workspace fans can say goodbye to WeWork in Miami Beach. The company has announced plans to cut locations after it filed for bankruptcy last year.
WeWork decided in May to close its space 429 Lenox Ave. this summer, according to company spokesperson Cat McCormack, the company’s director of corporate affairs. The company failed to agree on new lease terms. The site is WeWork’s only presence in Miami Beach.
The office building offers three floors of shared workspaces and private offices, with another two floors of parking in Miami Beach’s priciest enclave, South of Fifth. At a time when developers want to inject more offices into the area, WeWork’s pullout is a result of expanding too quickly in the 2010s and packing on too many leases.
The company will keep five locations open across Coral Gables, Miami’s financial district Brickell, downtown Miami and Wynwood. The exact locations include 2222 Ponce de Leon Blvd., Brickell City Centre, Giralda Place, Southeast Financial Center, and Wynwood Garage
“Our restructuring in Miami is complete. These are the locations and we don’t expect any further changes according to the restructuring process with the bankruptcy,” McCormack told the Miami Herald.
The company spokesperson declined to share how many members it had in the Lenox Avenue location, but did say they were notified this week and offered access to other offices in Miami-Dade.
Office landlord Regus got credit in 1989 for creating the concept of flexible workspaces, or co-working spaces. WeWork reinvigorated the concept when it launched in 2010.
The company made the spaces desirable with amenities and interior designs meant to draw and keep workers in the office. It expanded rapidly throughout the country and the globe, but hit financial woes in 2019.
Once offering nine locations in South Florida, WeWork cut back locally and across the country.
This story was originally published May 31, 2024 at 5:25 PM.
