Colliers South Florida represented the landlord, Azora Exan, in the transaction
As coworking spaces thrive, meeting the increasing demand for hybrid work environments that seamlessly combine flexibility, enhanced productivity, and a sense of leisure, Regus, one of the largest global providers of flexible office space, has signed a long-term lease for 45,789 square feet, committing to occupying the entire Class A boutique office building, 429 Lenox in Miami Beach, FL. Colliers Vice Chair Stephen Rutchik and Vice President Ana Paula represented the landlord, Azora Exan, in the lease transaction. JLL’s Adam Bernstein represented the tenant, Regus, in the deal.
“429 Lenox’s prime location in the highly sought-after South of Fifth neighborhood in Miami Beach made it an exceptional choice for Regus’ expansion,” said Paula. “As the market shifts towards prioritizing lifestyle, prime location, and modern workspaces, the property offers an unmatched blend of unique rooftop access, plug-and-play office solutions, and contemporary amenities. Its proximity to the MacArthur Causeway ensures seamless access in and out of Miami Beach, positioning it as an unparalleled option for today’s forward-thinking businesses.”
Situated in vibrant Miami Beach, 429 Lenox’s prime location provides a dynamic business environment, offering convenient access to upscale dining, luxury residences, and picturesque beaches. Designed by renowned architect Kobi Karp, the property features modern office spaces tailored to accommodate a variety of businesses seeking a prestigious address in a thriving community. The property also features a rooftop deck, an on-site parking garage, and prime signage opportunities.
“We are excited to welcome Regus at 429 Lenox, marking a new chapter for our office building in the vibrant South of Fifth neighborhood. This lease highlights the strength of premium office space in Miami, particularly in walkable, amenity-rich areas, aligning with our national office investment thesis. We look forward to welcoming a diverse community of entrepreneurs and professionals who will thrive in this environment.” said Arturo Vinueza, Vice President of Investments at Azora Exan.
Regus, part of a collective of global and regional workspace brands that form the IWG network, is a leading provider of flexible office spaces operating in over 120 countries, offering solutions, including coworking spaces, private offices, meeting rooms, and virtual office services. Founded in 1989, the provider has grown to thousands of locations worldwide, catering to businesses of all sizes, from freelancers to large corporations. Known for its adaptability, Regus provides both short-term and long-term leases, making it an attractive option for companies adopting hybrid and remote work models. With amenities like high-speed internet, administrative support, and global office access, the company continues to redefine the workspace landscape by prioritizing convenience and flexibility. The International Workplace Group plc (IWG) is a leading global operator of workspace providers, including Regus, Spaces, No18, Basepoint, Open Office, and Signature by Regus.
“Set to move in during the fourth quarter of this year, Regus will establish its third and largest space in the submarket, expanding its footprint in Miami Beach,” said Rutchik. “The new location will operate under the SPACES brand, showcasing Regus’ commitment to providing flexible and innovative workspace solutions that cater to the evolving needs of modern businesses.”
The full-building lease by coworking company Regus underscores the growing demand for flexible workspaces in Miami, particularly in Miami Beach, where the office market remains competitive, with a low overall vacancy rate of 8.7% in Q3 2024. While 340,298 square feet of new construction aims to meet the flight to quality, the sustained interest in coworking is driven by companies embracing hybrid work models that blend adaptability with lifestyle appeal. In a post-pandemic environment, businesses seek spaces that enhance productivity while supporting work-life balance, making coworking an attractive option. This shift reflects the rising demand for prime locations and innovative workspaces that offer employees a dynamic, engaging work environment.
About Azora Exan
Azora Exan is a real estate fund manager with an exclusive focus on commercial properties. They actively manage seven closed investment vehicles and several separate accounts with private and institutional capital from Spain, Latin America, and the Middle East. Since 2014, Azora Exan has transacted on about $4 billion worth of commercial real estate in major U.S. markets and currently manages over five million square feet of net rentable area. To find out more, visit: https://www.azoraexan.
About Colliers
Colliers is a leading global diversified professional services company, specializing in commercial real estate services, engineering consultancy and investment management. With operations in 70 countries, our 22,000 enterprising professionals provide exceptional service and expert advice to clients. For nearly 30 years, our experienced leadership – with substantial inside ownership – has consistently delivered approximately 20% compound annual investment returns for shareholders. With annual revenues exceeding $4.5 billion and $99 billion of assets under management, Colliers maximizes the potential of property, infrastructure and real assets to accelerate the success of our clients, investors and people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
