Industrious Signs 23K-SF Lease at 386 Park Avenue South
By Mark Hallum February 24, 2026 4:17 pm
reprints
Industrious is living up to its name and clearly riding a wave of prosperity in the coworking sector.
The coworking firm signed a 23,000-square-foot lease at HSR Corporation’s 386 Park Avenue South, where it will occupy the entire 18th and 19th floors with a capacity for 160 workers, Crain’s New York Business first reported.
The deal represents Industrious’ 35th New York City location and at least its ninth location since announcing a 64,350-square-foot space at WatermanClark and Brookfield Properties’ Lever House, also known as 390 Park Avenue, in January 2025.
Less than two weeks later, CBRE announced that it had fully acquired Industrious for $400 million.
“Park Avenue South sits at the center of one of Manhattan’s most dynamic business corridors,” Peri Demestihas, head of real estate growth at Industrious, said in a statement. “We’ve seen firsthand how well NoMad resonates with our members, and we’re excited to bring the same high-quality, hospitality-driven experience in this building and location to continue to support today’s evolving workforce while enhancing the overall member experience.”
Cushman & Wakefield‘s Ed Wartels and Justin Halpern negotiated on behalf of Industrious in the 386 Park Avenue South deal, while Newmark‘s Eric Cagner handled negotiations for HSR.
C&W, Newmark and Industrious did not immediately respond to requests for comment.
Once shunned in commercial real estate — largely thanks to WeWork’s implosion, subsequent bankruptcy and ultimate recovery — coworking is making a comeback.
Manhattan ended the fourth quarter of 2025 with 299 coworking locations, marking an expansion of 4 percent quarter-over-quarter and 10 percent year-over-year. Brooklyn had 91 locations in the fourth quarter with 3 percent quarterly growth and 8 percent annual growth, according to data from CoworkingCafe.
On a national level, the number of coworking spaces rose 5 percent quarter-over-quarter to 8,854 locations, equal to 434 new hubs spanning 159.4 million square feet, according to the report.
Mark Hallum can be reached at mhallum@commercialobserver.com.
