Thank you to The Real Deal South Florida for sharing the news of our acquisition of 299 Alhambra Circle in Coral Gables. 299 Alhambra, re-imagined by Arquitectonica, will serve as the work center for our Coral Gables URBIN coworking location, alongside a multitude of lifestyle offerings.
“Co-working space operator called URBIN acquired an office building in Coral Gables for $12.5 million.
URBIN bought the 52,719-square-foot office building at 299 Alhambra Circle for about $237 per square foot, according to Rishi Kapoor, CEO of Coral Gables-based Location Ventures.
The five-story office building was sold by Coral Gables Financial Center, managed by Shawn Khosravi, who also is an investor in URBIN.
Kapoor also told the South Florida Business Journal that URBIN is a new co-working space operator with $23 million of capital raised from investors including Location Ventures and Jonathan Vilma, a former University of Miami football player who played for the New Orleans Saints and the New York Jets.
Other investors in URBIN include Vivian Bonet, Luis Estrada, Carlos Lopez and Daniel Motha, according to Kapoor.
Kapoor also said URBIN plans to raise another $50 million of capital by the end of 2018.
The Coral Gables office building will be the first URBIN location. The company plans to renovate the building and put 750 work desks there, which would be available for monthly subscription prices starting at $200.
URBIN expects the building to become operational as a co-working facility with a fitness center by early next year.”
URBIN is on a mission to help solve three of the great challenges of modern urban living – affordability, mobility and sustainability. The key to URBIN’s mission to make great living experiences affordable is to own and operate real estate, allowing the brand to pass on superior pricing opportunities to members.
On the co-living side, furnished units will start at $1000/mo, while desk space at the coworking space will start at $200/mo. Amenities across the platform will include a gym, spa, storage, and communal areas alongside opt in services such as a meal service, housekeeping and personal training.