WeWork signed a lease at OKO Group’s planned 830 Brickell development, which will mark its seventh co-working site when it opens in early 2021, The Real Deal has learned.
WeWork will occupy 10 floors spanning 146,000 square feet at the planned 830 Brickell across from Brickell City Centre, where WeWork already operates a co-working site. The new space will be its second largest in the Southeast and could be the largest in Florida, according to a WeWork spokesperson.
The company has been growing rapidly in Miami since opening its first office on Miami Beach’s Lincoln Road in 2015. It now has two locations in Miami Beach, three in Miami and another planned for Coral Gables.
The announcement comes amid major changes at WeWork. Last week, WeWork announced it will rebrand as “The We Company” and is weighing the prospect of an IPO much sooner than expected, according to a report by the Financial Times. Earlier this month, it was reported that the company’s main backer, Softbank Group, plans to drastically reduce its planned investment.
OKO Group, led by Russian billionaire Vladislav Doronin is developing the 830 Brickell project, which is planned to be completed in early 2021, according to a WeWork spokesperson. Doronin has not released updated plans for the development, and his spokesperson declined to comment. Previous plans showed the building would be 712 feet tall, with a mix of luxury residential and retail portions.
Doronin’s firm acquired the 0.8-acre development site across from Brickell City Centre as part of a land swap with his former partner Ugo Colombo. The two were originally involved in a joint venture for both 830 Brickell and Brickell Flatiron, but the swap gave full ownership of Flatiron to Colombo and 830 Brickell to Doronin.