Industrious Doubling Its Footprint at 860 Broadway
By Mark Hallum April 22, 2024 11:08 am
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Coworking operator Industrious is doubling its space on the edge of Union Square to 27,630 square feet, Commercial Observer has learned.
Industrious signed an expansion to add the 13,815-square-foot fifth floor of the Gordon Property Group’s 860 Broadway, after initially signing a partnership agreement with the landlord for 15 years in November 2022, according to landlord broker JLL (JLL).
The expansion is part of the partnership agreement, and asking rent in the building is $68 per square foot, JLL said.
“860 Broadway benefits from hands-on ownership committed to meeting the market in an environment where employers continue to compete for talent and seek elevated workspaces that meet their business goals,” JLL’s Seth Hecht, who represented the landlord alongside Thomas Swartz, said in a statement.
Cushman & Wakefield (CWK)’s Justin Halpern, Edward Wartels and Benjamin Bouganim negotiated on behalf of the tenant.
“After seeing the immediate success and demand at this location for best-in-class serviced office, both Industrious and its landlord and partner, Gordon Properties, determined it was mutually beneficial to expand the relationship,” Halpern said in a statement. “This location, sitting directly on Union Square, is highly desirable to Industrious’ member base and very complementary to their network of locations, including proximity to Industrious at 215 Park Avenue South, which historically sits at nearly 100 percent occupancy.”
Industrious plans to continue to expand in the building after it opens the fifth-floor addition in the first quarter of 2025, according to Doug Feinberg, senior director of real estate at Industrious.
The six-story building on the northwestern corner of Union Square Park was built in 1926 and was at one time one of several locations of Andy Warhol’s factory studio and artist hangout. Now it’s home to tenants such as fintech firm Valon Technologies, which leased 13,815 square feet in December 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
