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New York

Rubenstein rolls co-working company into 25 Kent

Mindspace taking 37K sf for first NYC location

Rubenstein Partners' David Rubenstein and 25 Kent Avenue in Williamsburg (Getty Images, Twenty Five Kent)
Rubenstein Partners' David Rubenstein and 25 Kent Avenue in Williamsburg (Getty Images, Twenty Five Kent)

Another coworking company has arrived in New York City.

Israel-based Mindspace is taking 37,000 square feet at Rubenstein Partners’ mixed-use 25 Kent Avenue in Williamsburg, the Commercial Observer reported. Asking rent on the 10-year lease for the partial floor space was not disclosed.

Both parties handled the deal in house. Mindspace aims to open the outpost in the spring, where it will be launching its fifth United States location. It’s unclear how many workstations will be available at the outpost, which includes lounges, stocked kitchens and meeting rooms.

The Brooklyn space joins a 30,000-square-foot floor the coworking company leased in August from R&B Realty Group at The Gateway at Wynwood. The Miami location is also slated for a spring launch. There will be 435 workstations available, meaning there could be more at the larger NYC space.

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Mindspace last year secured $72 million in a funding round to fuel its expansion in Israel, the United States and Europe. As of August, the workspace provider had approximately 40 locations across 20 cities.

Rubenstein landed a $178 million refinancing package in March for the Williamsburg property. Apollo Commercial Real Estate Finance provided the loan for the eight-story, 500,000-square-foot building, billed as Brooklyn’s first major Class A office construction property in a half-century. Heritage Equity Partners co-owns the development.

In 2019, fashion brand Kith signed a 58,000-square-foot lease at the property, becoming the first tenant. A year later, Amazon Music signed a deal for 40,000 square feet, planning to use the space for either studio or production space.

Work on the development began in 2016 after the City Council voted to rezone the North Williamsburg site. Wells Fargo and Natixis Real Estate Capital provided a construction loan for the project.

— Holden Walter-Warner

Tags
BrooklynCo-workingCommercial Real Estate