WeWork’s former location in the Security Building in Miami’s downtown was recently leased by flex workspace operator Vast Coworking.
According to a press release from the tenant, Vast Coworking Group leased 20,300 square feet on the seventh, eighth and ninth floors of the property at 117 NE First Ave. As mentioned by a Vast representative, an undisclosed franchiser agreed to operate the location under the Venture X name for 10 years.
Eyal Peretz’s Fuse Group International is the owner of the 17-story Security Building. The Fort Lauderdale-based company acquired the building in 2021 after purchasing the loan secured by the then-foreclosure-prone property.
According to the press release, the Security Building’s anchor tenant, Vast Coworking, will feature 74 offices, in addition to a networking area and café. Matt Cozza, vice president of development at Venture X, said the space is expected to open its doors this year.
Under the leadership of Jason Anderson, Vast is a subsidiary of the West Palm Beach-based United Franchise Group, which, according to United Franchise’s LinkedIn, has franchises in a number of different areas, including coworking, signage and graphics, and food concepts. Vast has more than 190 coworking spaces spread across 2.4 million square feet in nine different countries. Office Evolution and Intelligent Office are two of Vast Coworking’s sister brands.
This project aims to revitalize a Miami landmark while providing a cutting-edge, flexible workspace solution that meets the changing needs of the modern worker. However, the new coworking location is bound to be more than a solution to filling out office space as the Security Building is also set to gain from this injection of creativity and energy due to its architectural significance and rich history.
