Chicago Coworking Giant Sells Miami Office for $19M
Expansive, a Chicago-based coworking firm, divested its Miami office building at 2125 Biscayne Boulevard to Miami's Valoro Capital for $19 million. The transaction highlights continued investor confidence in South Florida's commercial real estate market despite pricing below 2019 levels.
Chicago-based coworking company Expansive has sold its Miami office building to local investment firm Valoro Capital for $19 million, marking the week's largest commercial transaction in South Florida.
The four-story property at 2125 Biscayne Boulevard spans nearly 74,000 square feet, translating to approximately $260 per square foot for the sale. The building previously changed hands in 2019 for $20.6 million, indicating a modest decline in valuation over the seven-year period.
Expansive's decision to exit the Miami market reflects broader consolidation trends in the coworking sector, which has faced challenges since the pandemic reshaped office demand patterns. The sale allows the Chicago firm to redeploy capital while providing Miami-based Valoro Capital with a substantial office asset in the city's growing Biscayne Boulevard corridor.
The transaction represents part of a robust week for South Florida real estate activity, with residential properties commanding premium prices across the region. Miami Beach led luxury home sales with a waterfront property at 1417 North Venetian Way selling for $27.5 million, or roughly $3,600 per square foot.
The 7,600-square-foot residence, built in 2023, features five bedrooms, five full bathrooms, two half bathrooms, plus a dock and pool. Software company founder Mark David Sutcliffe and his wife Siobhan were the sellers, with the property having previously sold in 2024 for $23.9 million. Dora Puig with Luxe Living Realty handled both sides of the transaction.
Equestrian properties also saw significant activity, with a Wellington estate at 15293 Sunnyland Lane selling for $11 million. The seven-acre property includes a 5,000-square-foot main residence and extensive horse facilities with 12 stalls, tack and feed rooms, and large grass paddocks. Nicolas Paillot of Paillot Equestrian sold to horse breeder Wolfgang Stamp, representing a substantial increase from the property's $4 million price in 2022.
Another waterfront transaction involved a 1959-built home at 1011 North Venetian Drive, which sold for $10.8 million. The 3,700-square-foot property with three bedrooms and three bathrooms changed hands from Alejandro Chaban to Gustavo Gutierrez, showing a modest gain from Chaban's $10 million purchase price in 2024.
These transactions underscore South Florida's continued appeal to both domestic and international buyers, with properties ranging from commercial office buildings to luxury residences and specialized equestrian facilities finding active demand. The region's diverse real estate market continues attracting investment across multiple property types and price points.
