Co-working office space provider Büro LLC and a joint venture partner have closed on their $1.15 million purchase of a building in downtown Hollywood, Michael Feinstein, founder and CEO of Büro, told The Real Deal.
Miami-based Büro closed a deal with the Hollywood Community Redevelopment Agency to buy the building at 2031 Harrison Street, the company’s first expansion from its base in greater Miami. The CRA approved the deal last December.
An organization called the Holocaust Documentation & Education Center vacated the three-story building and moved to a new location in Dania Beach.
Feinstein said Büro will open its Hollywood location in six to eight months following a thorough renovation of the property, transforming it to “a mix of open work spaces, private work spaces and lounge spaces.”
Büro’s Hollywood location will have about 15,000 square feet of space, consistent with the company’s other locations in Miami Beach, South Miami, Coconut Grove, and Miami’s Midtown area and upper Biscayne Boulevard corridor.
Feinstein said Büro bought the Hollywood building in a 50/50 joint venture with an Ecuador-based group operating as Hanoy Holdings Limited Inc., managed by Pablo Barreiro.
Broward County property records show that the deed for 2031 Harrison Street transferred last week to an entity called 2031 Harrison LLC, the joint venture formed by Büro and Hanoy.
“They [Hanoy] own a couple of buildings on the street,” Feinstein said, including 1940 Harrison Street and 2028 Harrison Street, the latter of which is directly across the street from the building Büro and Hanoy bought together. “This is their third building on Harrison that they’ve purchased in the last couple years.”
Feinstein said the conversion of 2031 Harrison Street to co-working space large enough for 75 small businesses will likely activate the property’s surroundings in downtown Hollywood.
“I think Büro putting 200 young, creative people on Harrison Street will be a catalyst, the way it was in other neighborhoods” with Büro locations, he said.