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Industrious signs deal for 30K sf next to Aventura Mall
First lease will be at 1111 Brickell
Industrious, a co-working provider, signed a deal for its second location in South Florida.
The firm will take nearly 30,000 square feet at Esplanade at Aventura, a mixed-use project under construction next to Aventura Mall. Seritage Growth Properties is developing the retail, restaurant and entertainment project.
The lease is one of five between Industrious and Seritage, including another in La Jolla, California, according to a press release. At Esplanade at Aventura, the co-working space provider will have shared workspaces, private offices, and a cafe. It’s expected to open in the second quarter of next year.
Esplanade at Aventura, designed by SB Architects, the Rockwell Group and Wet Design, will have tenants that include The Loyal by Michelin-starred chef John Fraser; Jarana, by Peruvian chef Gaston Acurio; Joey Restaurant; and Pinstripes, an entertainment concept with bowling and bocce.
The site, at 19505 Biscayne Boulevard, was previously home to a Sears store. In 2017, Seritage purchased 235 Sears and Kmart stores from Sears Holdings Corp. Under terms of the sale, Seritage recaptured the property, which allowed the real estate investment trust to develop the site. Seritage also settled a lawsuit in 2016 that it filed against the owners of Aventura Mall to stop the nearby shopping center’s expansion plans.
Industrious has over 85 locations in more than 45 cities in the U.S. Members have included Compass, Heineken, Humana and Zillow.
In March, Industrious announced it would take 45,000 square feet at 1111 Brickell, owned by a joint venture between KKR and Parkway Properties. The lease marked the first for Industrious in South Florida.
Co-working competitors in South Florida include Büro, Pipeline, Spaces and WeWork. On Tuesday, WeWork said it was pulling its public offering amid mounting scrutiny.