OpenStore, The Platform Where Entrepreneurs Can Sell Their Shopify Businesses, Leases Office Space In The Gateway at Wynwood

As tech companies continue to rapidly expand and enter the Miami market, OpenStore has moved into its new office space in the Kobi Karp-designed The Gateway at Wynwood. Founded by Keith Rabois of Founders Fund, Jack Abraham of Atomic, and Michael Rubenstein, the former President of AppNexus, OpenStore is a platform that allows entrepreneurs with Shopify businesses to sell their companies and receive liquidity for what they’ve built. The tech company now occupies 14,914 square feet at The Gateway at Wynwood, located at the intersection of the iconic Wynwood and Midtown Miami neighborhoods. It is the first tenant to move into the recently completed building.

R&B Realty Group, the developer behind The Gateway at Wynwood, was represented by Colliers’ Executive Managing Director Stephen Rutchik, Managing Director Tom Farmer and Director Tyler de la Pena. OpenStore was represented by JLL’s Adam Bernstein and Jeffrey Gordon.

“We are very excited to welcome OpenStore to The Gateway at Wynwood,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “OpenStore is a fantastic fit for our spec suite program, offering the tech company flexibility as it continues to scale up and grow. We are continuing to see strong leasing activity and continued interest from a variety of sectors. We expect to have more exciting news to announce soon.”

OpenStore connects merchants and customers into a single unified shopping experience through access to data, information, and capital. The company announced in July that it raised $30 million in Series A funding, with a valuation of $250 million. OpenStore’s goal is to offer instant liquidity for eCommerce entrepreneurs.

OpenStore’s founders, Keith Rabois and Jack Abraham, helped fuel the rise of Miami’s tech scene when they were among the first high-profile executives to announce their move to Miami. The Miami tech movement, which was sparked by City of Miami Mayor Francis Suarez’s now infamous tweet - “How can I help?” - has transformed the city’s office market. Companies and executives in search of a better quality of life, lower taxes and great weather have descended upon Miami, now dubbed the “Silicon Valley of the South.”

R&B Realty devoted the entire 10th floor of The Gateway at Wynwood to fully built-out and ready for move-in office space, dubbed ‘spec suites.’ Designed by Gensler, the spec suites take the stress out of the office leasing and build-out process, providing companies flexibility in their space, and the ability to move in almost immediately upon completion of the building. OpenStore’s lease occupies the remainder of the spec suites available on the 10th floor. Due to its success, the spec suites program has been expanded to the 9th floor. The move-in ready suites, starting at 2,000 square feet, can be combined to form bigger units as well.

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking. This summer, R&B Realty Group announced the building's first office lease with biotech company Veru Inc. The eight-year, 12,155-square-foot lease will serve as the company's global headquarters and triple Veru's current office space

The Gateway at Wynwood Signs First Office Lease With Oncology Biopharmaceutical Company Veru Inc.

The Gateway at Wynwood has signed its first office lease as the office building is nearing completion. The developer of The Gateway at Wynwood, R&B Realty Group just signed an eight-year lease with Veru Inc. Veru (NASDAQ:VERU) is an oncology biopharmaceutical company with a focus on developing novel medicines for the management of prostate and breast cancers. The company will occupy 12,155 SF of space on the border of the iconic Wynwood and Midtown Miami neighborhoods. The new lease will more than triple Veru’s current office space.

R&B Realty was represented by Colliers South Florida’s Executive Managing Director Stephen Rutchik, Director Tom Farmer and Director Tyler de la Pena. Veru was represented by JLL’s Vivian Gonzalez.

Scheduled to take occupancy in Q1 2022, The Gateway at Wynwood will be Veru’s new Miami-based global headquarters, moving from an existing office space in Wynwood. Veru has also expressed interest in taking occupancy as soon as The Gateway at Wynwood, which is currently under development, is delivered. The project, being developed by New York-based R&B Realty Group, is scheduled for completion in Q4 of 2021.

“We are excited that Veru chose our new Class A office building for their global headquarters,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “This lease highlights the increasing demand for quality office space in the Wynwood area. The Gateway at Wynwood is uniquely positioned with unmatched accessibility to the Midtown and Wynwood neighborhoods, and all of the amenities they have to offer, as well as proximity to the bay and downtown Miami.”

The Gateway at Wynwood will offer about 195,000 SF of leasable Class A office space and nearly 25,900 SF of prime street-level retail space. Designed by renowned Architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking.

Veru, which also has offices in London and in Malaysia, is focused on the development and commercialization of novel medicines for management of two of the most prevalent cancers globally – prostate cancer and breast cancer. Based on positive clinical trial results, Veru also has an agent being evaluated in an ongoing Phase 3 clinical trial for the treatment of hospitalized patients with moderate to severe COVID-19 who are at high risk for acute respiratory distress syndrome. Veru’s new lease at The Gateway at Wynwood will triple the company’s existing Miami footprint to accommodate its rapid growth and planned future growth.

“Veru is a biopharma company dedicated to the development and commercialization of novel cancer drugs for prostate and breast cancers. As a high-tech company, we view both The Gateway at Wynwood and the Wynwood neighborhood itself as the perfect fit for Veru, as both are also cutting edge,” said Dr. Mitchell Steiner, Chairman, President and CEO. “We believe that Wynwood’s eclectic mix of commerce, culture, restaurants and technology provides the ideal location to enable Veru to continue to grow and flourish as a global leader in oncology therapeutics.”

Wynwood has developed into a new office submarket in Miami, creating competition for more established office markets such as downtown Miami, Brickell, Aventura and Coral Gables. Several big-name companies have made Wynwood their home, such as Spotify, Live Nation and Founders Fund. Other companies looking at the area include Google, Dentsu and other creative marketing agencies.

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