Industrious, a flexible-workspace company, plans to open a 100,000-square-foot space at the bottom of One Penn Plaza.
The space will be split between about 80,000 square feet of flexible office space and 20,000 square feet of conference and event space on the first three floors of the Vornado Realty Trust property, according to Crain’s.
The office tower stands 57 stories tall and spans 2.5 million square feet overall. Vornado is renovating the lobby and exterior of the building, and it will install new restaurant and retail space on the ground floor and basement levels.
Industrious will partner with Vornado to share profits from the operations of its spaces as opposed to paying a fixed amount of rent.
The company also just signed management agreements at Carnegie Hall Tower on West 57th Street for about 17,000 square feet and at 135 West 50th Street for 60,000 square feet. [Crain’s] – Eddie Small