Industrious Bringing 500 Seats of Flex Space to DC’s City Ridge Development
Industrious, a flexible workspace provider, has entered a partnership agreement for 41,399 square feet of space at 14 Ridge Square in Washington, D.C.
The redevelopment of the historic former headquarters of Fannie Mae is being completed by Roadside Development and North America Sekisui House, and is part of the larger $275 million-plus City Ridge development that is scheduled to open in December.
“We’re proud to announce that with Industrious’ lease, City Ridge’s office space is now 100 percent leased with only 3 percent of our total commercial space remaining,” Jeff Edelstein, a partner at Roadside, told Commercial Observer.
The joint venture partners acquired the property in 2018 for $85 million. When complete, it will include housing, restaurants, an Equinox fitness center and a Wegmans grocery store.
“While the world continues to reimagine the office of the future, we carefully designed each element of City Ridge — from when you first arrive in our parking garage to winding down at one of our many restaurants at the end of the day — to create a seamless, amenity-rich experience for our tenants,” Edelstein said. “We are confident that Industrious’ occupiers will enjoy all that the neighborhood has to offer when they join us on site later this year.”
The new City Ridge Industrious can accommodate 500 employees across its workspaces.
“Industrious believes some of our most inspiring workplace experiences are within top-tier live-work-play communities, such as City Ridge,” Peri Demestihas, senior director of real estate growth at Industrious, said in a prepared statement. “This location will even further expand our best in class DMV network, which will include over 15 open locations by this time next year.”
A recent report by CBRE reveals that between the third quarter of 2020 and the third quarter of 2021, the volume of flex and coworking space in North America contracted by 8.7 percent year over year. In that same period, Industrious expanded its footprint by 639,000 square feet. By year-end 2021, Industrious had added another roughly 500,000 square feet, Demestihas said.
Industrious has 120 workspace locations across approximately 50 markets in the U.S. and UK, with 15 in the D.C. region.
Requests for comment from Industrious were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.