Shared office space firm Büro LLC is preparing to expand into Hollywood from its base in Greater Miami.
Miami-based Büro has a deal to buy a city-owned building at 2031 Harrison Street in downtown Hollywood for $1.15 million from the Hollywood Community Redevelopment Agency. The downtown CRA approved the deal on Wednesday.
“We have a due diligence period, so if everything goes well in diligence, we’ll be looking to close on that property early next year,” Michael Feinstein, founder and CEO of Büro, told The Real Deal.
“We would have to do an extensive renovation to the property,” he said.
Feinstein said Büro’s Hollywood location will have about 15,000 square feet of space, “consistent with our other locations” in South Beach, Miami’s Midtown area, the Biscayne Boulevard corridor and Coconut Grove.
An organization called the Holocaust Documentation & Education Center vacated the three-story building at 2031 Harrison Street and moved to a new location in Dania Beach.
Büro has also announced plans to open its fifth Miami-area location next spring in South Miami. The company signed a lease for 13,000 square feet at the Somi Center, 5966 South Dixie Highway in South Miami. The 50,000-square-foot Somi Center, completed in 2015, is ringed by retail-driven real estate developments but little new office space.
Pipeline Workspaces, MADE at the Citadel and WeWork are among other shared office space companies in South Florida.