OpenStore, a tech e-commerce company co-founded by Keith Rabois and Jack Abraham, put nearly 15,000 square feet of office space in Wynwood on the market for sublease after moving into a bigger space at the same building, The Real Deal has learned.
The firm is subleasing suites A, B and C spanning 14,900 square feet, combined, on the 10th floor at The Gateway at Wynwood, where the firm also has a separate space for its 27,000-square-foot headquarters on the 11th floor, according to sources. The Gateway at Wynwood is at 2916 North Miami Avenue.
Jeff Gordon and Iker Belauste are part of the CBRE team marketing the space. Gordon didn’t return a request for comment. Belauste declined to comment.
OpenStore purchases Shopify businesses and then uses its software and data to boost sales, while the funds the sellers receive allow them to move on to their next venture. Aside from Rabois and Abraham, co-founders also include Matt Lanter, Jeremy Wood and Michael Rubenstein.
The firm’s decision to put space on the market comes as firms across South Florida increasingly are subleasing a portion or all of their offices amid economic headwinds of inflation and higher borrowing costs. The sublease availability marks a turnaround from leasing activity from late 2020 to mid-last year when companies homed in on South Florida.
Overall, South Florida office sublease availability increased by 15 percent in September, year-over-year, according to a CBRE report.
OpenStore was among the pioneers that opened in Miami during the office leasing frenzy, first leasing space in 2021. OpenStore, along with venture capital firms Founders Fund and Atomic, took more than 22,000 square feet of office space they shared at the Wynwood Annex at 215 Northwest 24th Street in Wynwood. Rabois is general partner of Founders Fund, and Abraham is founder of Atomic.
OpenStore eventually moved to its own office in Suites A-C on the 10th floor at The Gateway at Wynwood. Then, in May of last year, the firm took 27,000 square feet on the 11th floor of the same building. OpenStore staff recently moved into the larger space after the completion of the buildout, according to a company news release.
An OpenStore spokesperson, who confirmed the firm has the 10th-floor suites on the market, said the company could sublease a portion or the entirety of the 14,900-square-foot space. But the decision to put the offices on the market isn’t influenced by general economic issues, the spokesperson said.
Roughly 80 percent of OpenStore’s 125 employees are based in Miami, after 75 percent of the firm’s staff members moved to the city. OpenStore plans to hire 15 to 20 new employees by year-end, the company’s release says, adding that the firm is a “thriving and vocal part of the Miami tech scene.”