TEL AVIV, Israel, June 8th, 2021 – Mindspace has signed a partnership agreement with JTLV2 under which it will operate workspaces in the Greenwork Yakum Business Park (formerly EuroPark) at Kibbutz Yakum. The 3,500 sqm branch is expected to open in November this year.
The Greenwork Yakum complex comprises 5 buildings in an area of 67,000 square meters, spread over more than 12 acres. The Business Park rents its spaces to major companies such as Hot, Paz, Delek Group, Dor Alon, the New Elad Israel Residence, Bright Machines, Aquarius, BST Construction Ltd and more. Mindspace will offer startups and companies of various sizes both small and medium-sized offices and private suites, ensuring an advanced service experience with maximum flexibility, including monthly leases, day passes and even meeting rooms and event spaces that can be rented on an hourly basis. Mindspace currently provides office solutions to a broad and varied range of companies, of which about 40 percent are large companies and enterprises, while 38 percent are small and medium-sized companies.
This agreement is the sixth of its kind for the global flex space provider, who in the past two years has signed five partnership agreements with property owners in Israel, Europe and the United States, including for its recently launched branches in Tel Aviv and the U.S. The deal in Yakum reflects Mindspace’s growth over the past half year despite the pandemic, following the successful launch of the La Guardia branch in Tel Aviv, the flagship branch of Mindspace Philadelphia at The Wanamaker Building and a branch expansion in Berlin. Mindspace also reports a rise in demand and an increase in sales with 3.5 times the number of deals in the past 6 months compared to the same period preceding COVID-19.
Greenwork Yakum Business Park. Image copyright JTLV2
JTLV2 real estate fund, in collaboration with Clal Insurance, purchased 50 percent of the EuroPark Business Park by Kibbutz Yakum in March 2020 for the amount of 243.5 million shekels, and is in partnership with Kibbutz Yakum, who owns the remaining 50 percent. Since their acquisition they have invested majorly in the Business Park, which has undergone renovations and has received a serious facelift both in appearance and in the services they provide to the Park’s tenants. In just nine months, at the height of the COVID-19 pandemic, many new tenants joined the Business Park, where the occupancy increased by 30 percent. The center offers spacious, luxurious, modern offices in a serene green environment with open spaces offering outdoor sports facilities. In addition, in the coming year, a gym, catering complex, business lounge, public workspaces with an advanced internet infrastructure that supports working outdoors and more than 2,300 parking spaces are expected to be built. The complex is highly accessible as it is located near Road 2 (between the Poleg Interchange to the north and Herzliya to the south), Road 531 and the Ayalon Highway and it is close to the commercial center and shopping complexes. In the future, a shuttle system is expected to be set up for people arriving from the train stations and the surrounding area.
Shlomo Gutman, Managing Partner, JTLV2 Fund: “In order to fully meet the needs of workers during the COVID-19 pandemic and coming out of it, companies have come to understand that there’s a need for a hybrid work model: a combination of work, office and hot spots, as well as a need to enhance the user experience. From the employer’s perspective various companies need to take care of their cost structure and reduce their current expenses by moving from employment areas in metropolitan areas to the employment complexes around them, which offer access to transportation, new offices and advanced facilities, and all at more affordable prices – the Greenwork Yakum Business Park completely fulfills these needs. Through this partnership with Mindspace, we’ll be able to provide a holistic experience for the users and visitors of the Park.”
Dan Zakai, CEO and Co-Founder, Mindspace: “The collaboration between Mindspace and JTLV is a response to the growing trend of the ‘hub and spoke’ model and to the demand of employees who want to bring their workplace closer to their home after the challenging COVID-19 period. Yakum joins 31 branches worldwide, 5 of which are in Israel, that are characterized by their central locations in cities. Mindspace Greenwork is our first branch to expand beyond the Tel Aviv Metropolitan Area.”
The JTLV2 Real Estate Fund was founded in 2019 by Amir Biram, Ariel Rotter, Ze’ev Harel and Shlomo Gutman (Managing Partner) and specializes in real estate improvement. The fund has raised over a billion shekels. To date, the fund has invested, among others, in significant land in the Complex 1000 in Rishon LeZion, in the MDA complex at the Basel Square in Tel Aviv, it has acquired the New Elad Israel Residence company (from Yitzhak Tshuva), which initiates and develops residential complexes, it has entered into joint control of the public company Donitz Bros Ltd. (an entrepreneurial residential construction company) and the list goes on. Shirli Zamir is the project architect.
Mindspace is a boutique flex space provider, presenting a global mindset with a local flavor. We redefine the workplace experience for companies of all sizes. Our 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. Our customer base includes blue-chip companies, enterprises and SMBs, in 32 locations, 17 cities and 7 countries across Europe and the US. For further information please visit Mindspace.me, or follow Mindspace on LinkedIn, Twitter, Facebook or Instagram.