Shared workspace franchise expands in South Florida with long-term lease, retains Avison Young to complete lease transaction
Avison Young completed a long-term, 14,076-square-foot lease on behalf of new-to-market tenant Venture X, the premium membership-based shared workspace and community for entrepreneurs and businesses. The lease marks Venture X’s expansion into Miami-Dade County at a 92,786-square-foot class A office building at 8350 NW 52nd Terrace in downtown Doral, Florida.
Donna Abood, Principal and Managing Director of Avison Young’s Miami operations, and Joe Abood, Senior Associate, completed the lease transaction for the Doral location. Fairchild Partners Senior Advisors Jonathon Lay and Tony Puente represented the landlord, Doral 8350 Office, LLC.
“Venture X is uniquely positioned as a major player in the shared office space market, the fastest-growing office segment in the U.S., with its new concept of boutique hotel-style hospitality and an inspiring community that feels professional and welcoming,” said Ms. Abood. “As such, the company required a space in a submarket that will draw entrepreneurs and businesspeople seeking a particular niche experience, and the downtown Doral location we secured met the criteria perfectly.”
The Airport/Doral submarket has experienced consistent positive absorption and a declining vacancy rate which posted at 6.32 percent as of second quarter 2018 according to research by Avison Young. The city is seeing new residential and retail construction signaling vibrant growth and offers generous parking ratios for free parking, a rarity in Miami.
“Our in-depth market insight allowed us to educate our client on Miami-Dade’s diverse real estate submarkets and advise on the optimal location for its expansion,” said Mr. Abood.
Venture X Doral, slated to open in the first quarter of 2019, will bring to the area a shared workspace and community with membership consisting of entrepreneurs, creative professionals, freelancers, remote workers, startups, nonprofits, small businesses, and large teams from Fortune 500 companies. Venture X provides members with remarkable functionality alongside boutique hotel-style concierge services. The brand’s facilities offer modern, high-end office spaces designed to provide the ultimate business environment as well as high-tech meeting rooms, high-speed internet, 24/7 keycard access, events focused on social, educational, and entrepreneurial themes, a centralized café & lounge that serve as a hub for collaboration, networking and business growth.
“Expansion into Miami-Dade was both a strategic and natural next step for our company. Venture X’s services are designed to meet the needs of entrepreneurs as well as businesses and companies of any size,” said Tom Weber, President of Venture X. “We appreciate the Avison Young team for learning our brand and for their guidance in selecting a location that will best position us to provide workspaces where members can connect, be inspired, and improve their businesses.”
Venture X has four locations in Florida, with one operating in Naples and three scheduled to open this year in Orlando, Palm Beach Gardens, and West Palm Beach.
Avison Young provides best-in-class services to local, national, and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young or current listings, please contact Donna Abood at (305) 447-7857 or visit www.avisonyoung.com.
About Venture X
Venture X is a shared workspace and community that is a blend of boutique hotel and modern office styles with a high level of design that feels professional and welcoming. We are designing beautiful spaces and developing an environment and community that people love coming to work to every day. Founded in 2012 by entrepreneurs, father and son, David and Brett Diamond, Venture X has been recognized by Inc. as one of the best co-working spaces in the United States. For more information, visit www.VentureX.com
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
