Valoro Capital acquired an office building in Miami’s Edgewater neighborhood for $19 million. Novel Coworking sold the building after paying $20.6 for the property in 2019. The South Florida Business Journal reports the property could qualify for up to 700 residential units under Florida’s Live Local Act, which would require 40% of those units to be workforce housing.

The 63,240-square-foot office at 2125 Biscayne Blvd. will continue operating the coworking office in the near term, while working on plans for future redevelopment.

Novel Coworking invested millions of dollars in renovations to position it for coworking with about 130 offices, an outdoor lounge, and an indoor lounge with a shared kitchen.

The purchase aligns with Valoro’s stated goal. Its website says it acquires existing assets at cost-advantageous bases, with a clear path for appreciation through targeted operational and capital improvements.

Find out what still pencils in Phoenix today and be part of the conversation shaping the region’s multifamily, SFR, and BTR landscape going forward. Don’t miss the event where capital leaders, strategy experts, and new opportunities converge on April 8.www.ConnectPHXMF2026.com | Connect Phoenix Multifamily, SFR & BTR | Wednesday, April 8^th at The Westin Kierland Resort & Spa, Scottsdale.