Industrious Grows Manhattan Presence With 50K SF in Garment District
By Nicholas Rizzi January 18, 2019 1:10 pm
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Coworking company Industrious will expand its Manhattan footprint by opening two new outposts in the borough, with the largest coming to the Garment District, the company announced.
The Brooklyn-based coworking firm inked a deal for 49,690 square feet in Ivanhoe Cambridge’s 1411 Broadway between West 39th and West 40th Streets, Crain’s New York Business first reported. A spokeswoman for Industrious would not provide terms of the deal but CoStar Group data lists average asking rents in the 40-story building as $59 to $72 per square foot.
Brokers at CBRE (CBRE) handled the deal for both sides. It wasn’t immediately clear who worked on the deal and a spokeswoman for the brokerage did not immediately respond to a request for comment.
Industrious plans to open the new Garment District location in the third quarter of this year, the company’s spokeswoman said.
Aside from the 1411 Broadway deal, Industrious also announced plans to open a 23,773-square-foot Hudson Square location at Jamestown Properties’ 325 Hudson Street and expand its original Manhattan location at 215 Park Avenue South by another 17,000 square feet. The new locations will offer the company’s Canvas service for businesses with 20 or more workers.
“At Industrious, we deliver an amazing workplace experience to our members and are proud to have reached 100 percent occupancy at our existing New York locations,” Jamie Hodari, Industrious’ co-Founder and CEO, said in a statement. “This next wave of NYC expansion will not only allow us to help more companies scale and thrive, it’ll also increase access to our Canvas suites: private, customizable spaces for teams of 20 plus.”
Industrious, which has more than 50 locations around the country, opened its first Manhattan outpost in 2016 by taking 17,255 square feet at SL Green (SLG) Realty Corp.’s 215 Park Avenue South, as Commercial Observer previously reported. It expanded it last year and the new agreement will increase it to about 67,000 square feet, the spokeswoman said.
