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Category Archive215 Park Avenue South

Industrious Moving HQ to Union Square From Brooklyn With 14K-SF Deal

Bye bye, Brooklyn!

Flexible office space provider Industrious has signed a 14,484-square-foot lease at SL Green Realty Corp.’s 215 Park Avenue South to relocate its headquarters to the same building where it has its only Manhattan location, Commercial Observer has learned.

The company will move to the entire 13th floor of the 20-story property between East 17th and East 18th Streets, according to a spokeswoman for Industrious. It already leased the entire 17,500-square-foot 11th and 17,255-square-foot 12th floors in the building for roughly 35,000 square feet for shared offices for its members, as CO previously reported. All told, Industrious will occupy more than 49,000 square feet of the 330,000-square-foot property.

The new transaction is for three years and the asking rent was $70 per square foot.

Industrious has been growing rapidly and the company recently landed $80 million in a Series C funding led by Fifth Wall Ventures and Riverwood Capital, as CO reported last month.  

“We’ve had a very busy year and are excited to continue our momentum coming out of our $80 milion funding news a few weeks ago,” Industrious President Justin Stewart said in a prepared statement to CO. “To date, our national team has worked out of the Industrious Brooklyn space, but at the beginning of this year we outgrew our space there.”

The majority of Industrious’ 80 employees will relocate from the headquarters at
594 Dean Street between Carlton and Vanderbilt Avenues in Prospect Heights where it has just under 2,000 square feet for its corporate offices, according to a spokeswoman for the company.

Industrious has 35 locations across the country, and recently reached a milestone with a total of 1 million square feet of space.

CBRE’s Sacha Zarba and Alice Fair handled the deal for the tenant with Katharine Lau, the director of real estate for Industrious, . A spokeswoman for the brokerage did not immediately return a request seeking comment from Zarba. Howard Tenenbaum and Gary Rosen represented SL Green in the transaction in-house.

A spokesman for the landlord did not immediately provide a comment.

Source: commercial

The Plan: Industrious Touts Sophistication in Union Square Expansion

Flexible office provider Industrious—which has attracted companies such as Hyatt Hotels Corporation, Chipotle and Mashable to outsource their workplaces—tries to give a healthy dollop of sophistication to its spaces.

So when the company decided to expand its only Manhattan location on the 12th floor at SL Green Realty Corp.’s 215 Park Avenue South between East 17th and East 18th Streets by taking the 11th floor, Industrious configured the new space with the same simple and elegant designs found on the 12th floor. That also meant no foosball tables, arcade machines or mini-basketball shooting games were added.

“It’s a professional environment. Playfulness is not the priority,” Eivind Karlsen, the head of design at Industrious, told Commercial Observer during a tour of the new space. “It’s about how are you working throughout the day.”

At the front of the 17,500-square-foot 11th floor is the pantry (which was in the back of the 12th floor). That is the first thing members, guests and prospective clients see as they exit the elevator.

“The first impression, whether you are a guest of an Industrious member or a client, is important,” Karlsen said.

And since tenants are more focused on hospitality these days, Industrious designed elements that would make one feel more at home.  

“We designed it more residential,” Karlsen said. “It has that sort of cozy feel. You’ll see more greenery. It feels like an apartment.”

The pantry features marble countertops, wooden cabinets, sleek appliances and a variety of seating options. And the residential vibe can be felt strongly in the lounge space that flanks the pantry, as there are sofas and other kinds of plush seating, carpeting, plants, books and ambient lighting.

The 11th floor, which Industrious has occupied as of January, has room for around 140 people in its 40 offices as the suites can accommodate between one to 10 persons.

In addition, the new space has two conference rooms, two “huddle” meeting rooms, three small rooms for private phone calls and a small glass-less room with one chair and a small table called the “focus room” (for when you want to be left alone). Exposed ceilings and concrete floors grace the expanse and there are audio reduction panels in the common areas.

The offices are furnished with wooden tables that have blackened steel legs. The new internal staircase, which joins the two floors, also features blacked steel framing. It is a reference to Industrious’ Brooklyn roots.

It’s a “metaphor of the Brooklyn Bridge,” Karlsen said. “We are bridging Manhattan to Brooklyn.”

Source: commercial

Coworking Company Industrious Grows Union Square Digs to 35K SF

Brooklyn-based Industrious, a coworking space provider with locations around the country, is doubling the size of its lone Manhattan offices, Commercial Observer has learned.

The company, which offers shared work spaces and private suites, signed an early renewal and expansion of its lease at SL Green Realty Corp.’s 215 Park Avenue South, expanding its footprint to 34,755 square feet just a year after it opened the Union Square outpost.

Industrious already occupies the entire 17,255-square-foot 12th floor of the building and will add the 17,500-square-foot 11th floor of the tower between East 17th and East 18th Streets. The new lease is for 15 years, according to a spokeswoman for the company. The asking rent for space in the building is $70 per square foot, according to a spokeswoman for the landlord.

Since opening last year, the location has been very successful, according to Katharine Lau, the company’s director of real estate.

“Manhattan has been a fantastic market for Industrious,” Lau said in a prepared statement. “Many of our members have increased employee headcount, some four to five times, since working from our workspace on the 12th floor.”

Industrious opened its first New York City location in the Prospect Heights section of Brooklyn at 594 Dean Street between Carlton and Vanderbilt Avenues in 2015. The company maintains just two locations in the city. It has 25 active locations around the country. 

Industrious’ in-house real estate team represented the company in the transaction, while an SL Green team of Howard Tenenbaum and Gary Rosen handled the negotiations for the landlord.

A representative from SL Green did not immediately return a request seeking comment via a spokesman.

Source: commercial

TV Production House Matador Content Takes Full Floor at 215 PAS

Television and film production company Matador Content has inked a full-floor lease for more than 17,000 square feet of office space at SL Green Realty Corp.’s 215 Park Avenue South, sources told Commercial Observer.

Matador signed a 10-year deal late last month for the entire, 17,255-square-foot eighth floor at the 20-story, 330,000-square-foot office building on the southeast corner of East 18th Street, one block from Union Square Park. The company is best known for TV shows including AMC’s Geeking Out, ABC’s Boy Band and Spike’s Lip Sync Battle.

Asking rent in the transaction was $68 per square foot, according to sources with knowledge of the transaction—with the lease having already commenced and Matador in the midst of building out the space in time for a mid-January move-in date. The company will relocate from its current offices at L&L Holding Co.’s 150 Fifth Avenue, nearby in the Flatiron District.

A Newmark Knight Frank team of Ross Perlman, Lee Brodsky and Ryan Gessin represented Matador in the deal, while Howard Tenenbaum and Gary Rosen of SL Green worked in-house on behalf of the landlord.

“We are delighted to welcome Matador to 215 Park Avenue South,” Steven Durels, SL Green’s executive vice president and director of leasing and real property, said in a statement. Durels added that the real estate investment trust will soon complete a “comprehensive” lobby redesign at the building, on top of the recent installation of new elevator cabs and mechanical systems at 215 Park Avenue South.

Major tenants at the property include architecture firm Perkins+Will, public relations firm Global Strategy Group and film distribution company The Criterion Collection.

Source: commercial