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Category ArchiveKatharine Lau

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

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