The new 42,000 sq. ft. location on the fourth floor of the historic Wanamaker Building in Penn Square will provide SMBs and enterprise companies with private offices and large team suites. Throughout the world, Mindspace’s global locations are home to corporations and larger companies such as Microsoft, Samsung, Yahoo, Expedia, Tidal, GoPro, Barclays Bank, Hyundai, and Techstars Accelerator in addition to startups and small businesses.
The Philadelphia location will operate under a management agreement that is a partnership between Mindspace and an affiliate of Rubenstein Partners, L.P. Mindspace is pioneering this model in the commercial real estate industry, and it is part of the company’s global growth strategy.
Under the management agreement, Mindspace will develop and operate premium flexible workspaces for companies of various sizes on behalf of Rubenstein Partners and under the Mindspace brand. Mindspace will provide additional management services through its “Mindspace for Landlords” offering and will harness its expertise to create the Mindspace experience for all tenants in the building.
This will include 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 is continuing to grow its number of partnerships with landlords and is experiencing a high demand for flexible workplace solutions in a post-COVID environment,” CEO and Co-founder Dan Zakai said. “It’s an honor to bring our expertise to an historic landmark such as The Wanamaker Building, and to do so in cooperation with Rubenstein Partners and Amerimar Enterprises. We’re excited to set up shop in the City of Brotherly Love as Philly is a hub for startups and innovative companies.”
Rubenstein Partners and Amerimar Enterprises, the building owners, have completed extensive interior and exterior improvements to update the trophy property in Center City as a modern creative office center with market-leading amenities. Mindspace will operate its Wanamaker location under a management agreement entered into last year.
Built in 1911, The Wanamaker Building is a landmark listed on the National Register of Historic Places that originally housed one of America’s first department stores.
“We’ve been successful in attracting tenants from a diverse array of industries to The Wanamaker Building by improving the tenant experience through thoughtful upgrades,” said Stephen Card, Director of Acquisitions, and Principal at Rubenstein Partners. “We believe that bringing in Mindspace, a leading flex space operator, is consistent with the modernization efforts we have now completed. Mindspace’s offering will exist alongside and provide an amenity to our many traditional tenants, rounding out our occupancy with boutique flexible space.”
Mindspace today counts 31 locations in 16 cities and seven countries across Europe, Israel, and the U.S. The Wanamaker Building is Mindspace’s second opening of 2021, with the first being Mindspace La Guardia in Tel Aviv. Mindspace has also recently expanded one of its Berlin locations and will soon announce another location launch for 2021, demonstrating its expansion ability even in a difficult economic climate.
Mindspace reports that a “return to the office” work routine is on the rise, and the company anticipates the number of remote workers to decrease in 2021 in light of the deployment of COVID-19 vaccinations.
In the past six months, many companies joined Mindspace under a hybrid format that enables them to work under various flexible configurations, to manage employee attendance in cohorts, to expand or reduce office space according to their needs, or to use spaces hourly, daily, and monthly.
Mindspace is a boutique flex space operator, presenting a global mindset with a local flavor. We redefine the workplace experience for companies of all sizes. The company’s beautifully designed spaces, personalized level of service and carefully curated events foster enhanced employee engagement and a strong sense of community, accommodating the way people work, innovate, and grow. Mindspace’s customer base includes blue-chip companies, enterprises, and SMBs in 31 locations, 16 cities and seven countries across Europe and the U.S.
About Rubenstein Partners
Founded in September 2005, Rubenstein Partners, L.P. is a private real estate investment advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2B at the time of its disposition in 2004. Since 2005, Rubenstein Partners and its affiliates has, on behalf of its investors and clients, invested in more than 22.5M sq. ft. of office real estate assets throughout the U.S.