PHILADELPHIA—Co-working office space provider Mindspace has signed a management agreement with an affiliate of Rubenstein Partners, L.P. to open its first location in the City of Philadelphia.
The Tel-Aviv, Israel-based firm’s agreement with Rubenstein Partners calls for a new location totaling 42,000 square feet at the 1.4-million-square-foot Wanamaker Building in Center City.
Under the management agreement, Mindspace will develop and operate premium flexible workspaces for companies of various sizes on behalf of Rubenstein and under the Mindspace brand. Mindspace will provide additional management services through its “Mindspace for Landlords” offering that includes managing building amenities such as meeting rooms and event spaces, communal areas, guest and check-in services, community programming, and food and beverage offerings, as well as other concierge-type services.
Mindspace CEO Dan Zakai says of the deal, “This new relationship is a direct response to changes in the commercial real estate market. Landlords recognize that the traditional leasing model has been disrupted, and that flex spaces and coworking can help broaden their offerings to tenants. Our goal is to pioneer the next level of the business model in the industry through innovative partnerships with landlords. We are excited about our Wanamaker Building plans and the partnership with Rubenstein.”
Read Mortimer, SVP at Rubenstein Partners, adds, “We were very selective with our choice of partner and are pleased to move forward with Mindspace. We believe that Mindspace’s approach is consistent with our strategy of delivering a differentiated office experience through providing enhanced amenities and hospitality-style service in the office sector.”
The building ownership of Rubenstein and Amerimar Enterprises Inc., has completed its multi-phased improvement plan for the Wanamaker Building, including a lobby modernization with central guest check-in, new tenant amenity space on the eighth and ninth floors, and significant updates to common areas and building systems.
Mindspace recently signed four similar management agreements with landlords in Europe and Israel totaling approximately 180,000 square feet. The Wanamaker Building will be the company’s third U.S. location, following San Francisco and Washington DC. Mindspace has 31 locations in 16 cities across the globe.