Industrious Inks Deals at 135 West 50th Street
The flexible office provider will run a 37,000-square-foot shared workspace and a 20,000-square-foot amenity space in the Midtown building.
By Nicholas Rizzi January 29, 2020 2:26 pm
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Flexible office provider Industrious inked a deal with landlord George Comfort & Sons to operate a shared workplace and manage a separate amenity center at 135 West 50th Street, with the spaces together totaling about 60,000 square feet, Commercial Observer has learned.
The agreement provides a mix of traditional shared workspace and a curated tenant amenity at the 23-story Midtown tower between Avenue of the Americas and Seventh Avenue.
Industrious signed a 15-year lease for 37,000 square feet on the building’s second floor, where it will operate its sixth New York City shared workplace, according to Industrious. The deal will be run as a partnership agreement with George Comfort, meaning it will have either a revenue or profit share component to it, and the location will open in the third quarter of this year.
The flex office provider also signed a 15-year management contract with the landlord to run a 20,000-square-foot amenity center on the same floor — dubbed Club 135 by Industrious — for tenants in the building. The center will have a multipurpose room with space for 200 people, lounge areas and a wellness facility, according to Industrious.
“We’re expanding our reach beyond traditional shared workplaces to manage tenant experience across whole buildings,” Justin Stewart, the president and co-founder of Industrious, said in a statement. “We look forward to delivering a great day at work on a much larger scale with Club 135 by Industrious.”
Industrious was founded in 2013 and started to focus on landlord partnerships in 2018. It closed on an $80 million Series D round last year, as CO previously reported.
Peter Duncan, Andrew Conrad, Matt Coudert and Alexander Bermingham of George Comfort handled the deal in-house for the landlord. Industrious had no brokers.
“Industrious’s dynamic approach to workspaces and amenities is the perfect fit for the forward-looking environment we are creating at 135 West 50th Street through our repositioning program,” Duncan, the president and CEO of George Comfort, said in a statement. “Our tenants will benefit from access to exceptional services and professionals, while Industrious will have the opportunity to open its newest outpost in a premier Midtown tower.”
Other tenants in the 925,000-square-foot tower include accounting and consulting firm Mazars USA, Mizuho Trust and Banking and the nonprofit Volunteers of America.
