As office landlords nervously watch tenants struggle to lure employees back to their desks, Industrious is continuing to expand. The co-working startup next month will open its 18th New York City location.
The company is partnering with the Wolfson Group to open a 44,000-square-foot flex office within the Cunard Building at 25 Broadway in the Financial District. The coworking space is expected to have more than 350 seats, the company said.
The flex workspace provider offers private offices and suites for companies. Unlike its coworking competitors, Industrious enters into management agreements, rather than leases, with landlords.
“New York is one of our strongest markets and we are excited to grow in FiDi,” Industrious’ senior director of real estate, Doug Feinberg, said in a statement.
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This will not be the first time that a flex office provider has set up shop at 25 Broadway. WeWork once occupied close to 129,000 square feet across three floors in the Cunard Building. It was shut down just over a year ago as the overextended co-working firm pared back.
In a statement, Wolfson executive Sam Saegh called Industrious a “best-in-class operator.”
Several landlords have recently partnered with Industrious on flex-office spaces, including TF Cornerstone for 17,000 square feet at Carnegie Hall Tower, Sioni Group for 53,000 square feet at 44 West 37th Street and Rudin Management for 52,000 square feet at 32 Sixth Avenue in Tribeca.
Industrious has recently opened locations in Los Angeles and Chicago, and has made acquisitions in Europe and Asia. The startup now has more than 120 sites across more than 50 cities.
Last month, CBRE poured $100 million more into Industrious after nabbing a 35 percent stake in the company last year. The brokerage firm’s investment in the startup is now up to $330 million.