Coworking company Industrious is pushing into a space bereft of office tenants for years.
The company signed a lease for 33,000 square feet at RFR’s 190 Bowery in Nolita, the New York Post reported. That represents all of the office space at the 38,000-square-foot property, a building that has been largely vacant since RFR acquired it ten years ago.
The asking rent on the space was $95 per square foot. The lease term is for seven years, the Commercial Observer reported.
A JLL team including Clark Finney, Alex Riguardi and Jake Bargas represented the landlord alongside an in-house team, while Natalie Levine and Kylie VanBuren of Industrious represented the tenant.
Famed photographer Jay Maisel bought the former Germania Bank property in 1966 for a measly $102,000 and occupied it with his family for much of the succeeding time. RFR acquired the property in 2015 for $55 million and modernized much of it while removing graffiti from the upper floors.
When RFR agreed to acquire the building, it was reported that it could be converted to a mix of condos and retail, offices or an art gallery. Streetwear brand Supreme occupies the building’s retail space.
It’s been a busy week for Industrious. The coworking company leased approximately 20,000 square feet of offices on the fourth floor of 220 Park in Burlingame in the Bay Area. The company is also growing in the South Bay with two locations in development near Stanford.Â
At the start of the year, CBRE agreed to acquire the remaining 60 percent stake of the company after an initial investment several years earlier. The deal valued the company at approximately $800 million.
Industrious counts more than 160 locations in more than 65 cities across the globe, including spaces in the United States, United Kingdom, Europe and Asia.
— Holden Walter-Warner
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