NEW YORK CITY–Retail REIT Macerich is partnering with co-working operator Industrious to add flexible workspaces in its malls in a multi-property rollout.
The first Industrious location is set to open in January 2019 at Scottsdale Fashion Square, in Scottsdale, AZ. The company announcement did not mention how many other locations there will be.
The partnership is a reflection of retail centers' push to become more than just a shopping environment. Macerich CEO Art Coppola noted that the REIT has added such tenants as Candytopia, luxury fitness/wellness concepts, destination restaurants and first-to-market digitally native brands to its malls over the years. Indeed, the co-working concept dovetails nicely with these tenants as they provide amenities to the office users. “Our settings deliver top-tier, built-in amenities for today's professionals, which is why a partnership with experience-focused Industrious makes so much sense,” Coppola said.
Industrious has nearly 50 locations in 33 cities and serves a range of users from small businesses to Fortune 500 companies including Lyft, Hyatt, Pandora, Pinterest, Pfizer and Freddie Mac.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
