The Landmark Center building’s eighth floor is now home to Hatch Fenway, a shared temporary work office for startups. It offers 100,000 square feet of easily expanded space for young businesses that can’t (or might not want to) commit to a long-term lease. Last month, Hatch welcomed its first tenant, restaurant management software company Toast.
Peter Sougarides, executive vice president of development and principal at Samuels & Associates, which owns the Landmark Center, said that the space is specifically meant for startups because of flexible shortterm leases and the immediacy of available space, deeming itself “a launchpad for scaling companies with disruptive ideas.” Hatch has the capacity to hold 8 to 12 tenants and offers short-term leases of 12 to 24 months.
“There is a real need for space for younger and growing companies that is readily available and quick to get in,” said Sougarides. “They want space quickly; they need flexibility for commitment, and space that is reasonably priced. We saw those needs and we saw them go through Landmark and we decided to dedicate the space to these companies.”
Despite the attractiveness of limited commitment and immediacy, Hatch Fenway primarily focuses on the idea of community. Each business within Hatch will have its own designated private area, but it will also have access to a central common space meant to increase communication and interaction among the tenants.
“[We want] a constant flow of different people who bring different ideas and cross pollination,” said Sougarides. “It’s also how the younger generation works. They’re more used to being out with their peers than sitting alone in an office or a cubicle.”
Ellie Mirman, vice president of marketing at Toast, says that the community aspect proposed by Hatch—as well as space— was a huge draw for the company.
“We really did want to be around more companies,” said Mirman. “The nature of our business is [that it’s] growing very fast, and it’s very energizing to be around other high-growth companies.”
Due to the nature of its business, Toast finds this location—in a neighborhood that offers a lot of restaurants and a more social environment both in and outside the office— very appealing.
“We are pretty excited about this being an area for tech startups here,” Mirman said. “This is a new hub for high-growth companies. It’s pretty great to be a part of the opening for a new tech hub.”
As reiterated by Sougarides, it’s not just about creating a space; it’s about building a community. He also notes how the notion of a holistic neighborhood such as the Fenway has been incorporated directly into how Hatch operates.
“We’d like to see more young companies grow and stay in the city and the Fenway,” said Sougarides. “It allows companies to grow in the Fenway and establish themselves and put down their roots here. [Businesses can] offer jobs and opportunities to the neighborhood and be a part of the fabric of the neighborhood they’re creating.”
This piece was originally published by The Fenway News.
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