The Real Deal Miami

Industrious co-working firm inks first South Florida lease on Brickell

It’s leasing 45K sf at 1111 Brickell
By Katherine Kallergis | March 04, 2019 06:00PM

1111 Brickell and Phil Marchese

Industrious is heading to Brickell.

The co-working provider signed a lease for 45,000 square feet at 1111 Brickell, and expects to open by the end of this year.

A joint venture between KKR and Parkway Properties paid $248.5 million for the 30-story, 539,000-square-foot Class A office tower in June. It plans to spend up to $10 million on renovations and upgrades.

New York City-based Industrious was represented by Zach Wendelin and Will Portfolio of CBRE. John Guitar and Phil Marchese of Blanca Commercial Real Estate represented the landlord. The building is 89 percent leased, Marchese said.

Parkway Properties’ Shipley Hall declined to provide terms of the lease.

In the Brickell area, Industrious will be competing with WeWork, Pipeline and Regus. WeWork recently announced plans for a second Brickell location, taking 146,000 square feet at OKO Group’s planned 830 Brickell project.

1111 Brickell, also known as the Sabadell Financial Center, will also work with Industrious to program the building’s 26,000-square-foot amenity rooftop terrace.

Industrious recently sold PivotDesk, a commercial subletting platform it acquired two years ago as part of its early expansion plan, to SquareFoot, a Manhattan-based startup that provides commercial real estate listings and an online brokerage service.