The Real Deal New York

Co-working company Industrious NYC taking 17K sf at 215 PAS

Asking rent at the SL Green-managed building is $70 per sf

October 25, 2016 05:24PM

215 Park Avenue South

215 Park Avenue South

Brooklyn-based co-working company Industrious NYC has inked a deal to take 17,255 square feet of space at 215 Park Avenue South, marking the company’s first foray into Manhattan.

The lease is for 15 years and Industrious will take the entire 12th floor of the 20-story building, Commercial Observer reported. The building is owned by Dever Properties and managed by SL Green. The asking rent is $70 a square foot.

CBRE’s TRData LogoTINY Keith Caggiano and Roshan Shah represented Industrious NYC, while SL Green was represented by in-house brokers Gary Rosen and Howard Tenenbaum.

Industrious opened its first location at 594 Dean Street in Prospect Heights. The building at 215 Park Avenue South is currently home to tenants such as video distribution company the Criterion Collection, public affairs agency Global Strategy Group and architectural design firm Perkins + Will.

Industrious raised $37 million in a series B funding round last month, which brought the company’s total funding to $51 million.  The co-working provider is one of a small number of firms trying to challenge $16 billion giant WeWork in the burgeoning co-working industry. The firm’s co-founder and CEO Jamie Hodari told The Real Deal in September it planned to spend the bulk of its new funds on building out and opening new co-working spaces across the U.S.

In April, the company signed a lease for its first West Coast location — nearly 19,000 square feet in Los Angeles.

SL Green, one of the city’s largest office landlords, is currently developing the Midtown skyscraper One Vanderbilt[CO]Miriam Hall

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