Industrious Enters South Florida Market at Miami Office Tower
The New York City-based company, which has grown since its founding in 2013 to have more than 60 locations in 35 cities, signed a lease with Parkway Property Investments at the 30-story, 539,000-square-foot office tower.
MIAMI—Workspace provider Industrious has entered the Miami market in a big way, signing a 45,000-square-foot lease deal at 1111 Brickell here.
The New York City-based company, which has grown since its founding in 2013 to have more than 60 locations in 35 cities, signed a lease with Parkway Property Investments at the 30-story, 539,000-square-foot office tower. The location will be known as “Industrious Miami-Brickell.
The Industrious Miami-Brickell space is expected to be open in the first quarter of 2020.
“At Industrious, our productivity-driven design coupled with our dedicated attention to detail delivers an elevated workplace experience. We have amassed a large national network comprising thousands of members across 35 U.S. cities and our expansion into Miami reflects the demand of our existing clientele,” says Doug Feinberg, senior real estate manager, Industrious.
He adds, “Brickell is the preeminent live, work, play neighborhood in Miami and, along with Parkway’s progressive vision and the building’s premier location, this is the perfect destination for our members to continue to thrive.”
Industrious has been expanding rapidly of late. In 2018, it expanded its presence in a host of major markets, including New York City, the Washington, DC area, Arizona, Boston and Chicago to name a few.
Parkway and joint venture partner KKR acquired 1111 Brickell last June. A published report in the Real Deal stated the transaction was valued at approximately $250 million.
Industrious was represented in the lease transaction by CBRE’s Zach Wendelin and Will Portfolio. 1111 Brickell, known as Sabadell Financial Center, was represented by John Guitar and Phil Marchese of Blanca Commercial Real Estate, the building’s exclusive leasing agent.
CBRE’s Portfolio says that Industrious engaged in an extensive site selection process in South Florida that spanned the tri-county area before it decided that the Brickell area and subsequently the 1111 Brickell tower aligned with its objectives for the first Industrious location in South Florida.
“The opportunity at 1111 Brickell stretches beyond the typical landlord/ tenant relationship; it is a collaboration to enhance the tenant experience and amenities at the building. This will undoubtedly be Industrious’ flagship South Florida location, and we are honored to have played a role in this initiative, Portfolio, who is a senior associate at CBRE, adds.