Wednesday, May 22, 2019

Co-Working Space Provider Industrious Expands Presence in Philadelphia

by John Jordan
Industrious has reached an agreement to add a prestigious address in Center City in early 2020 to its offerings here.
The New York City-based co-working space firm has entered into a partnership with building owner Coretrust Capital Partners to take two full floors totaling 55,000 square feet of space at the Two Liberty Place office tower.

Industrious’ Two Liberty Place will offer shared workplaces for teams of various sizes as well as large-team suites, dedicated private offices that are customizable for teams of 20 to 100 people. The Industrious space is expected to be open for business in the first quarter of 2020.
“Two Liberty Place is an iconic part of the Philadelphia skyline and we are thrilled to be able to provide our members an elevated workplace experience in a trophy asset like this,” says Joyce Oh, Mid-Atlantic area manager, Industrious.  “Industrious first entered Philadelphia in 2015 and we have continued to witness strong demand for our product. As we were looking to expand across the market, our existing relationship with Coretrust opened the door to one of the city’s top Class A buildings.”

This is the second Philadelphia location for Industrious; its existing location, Industrious Avenue of the Arts, is also in Center City. The partnership at Two Liberty Place is also the second time Industrious has partnered with Coretrust Capital Partners; earlier this year the two announced Industrious Los Angeles – Financial District at FourFortyFour South Flower.

“Industrious is the ideal partner for us at Two Liberty Place as it is the premier provider of flexible workspace,” says Spike Whitney, VP, Coretrust Capital Partners.
Los Angeles-based Coretrust acquired Two Liberty Place in late 2016 via its Coretrust Value Fund I. The firm has since undertaken a massive capital improvement program to restore materials and design details by original project architect Helmut Jahn and to upgrade the building entries, lobbies, elevators and mechanical systems. With the Industrious partnership, Two Liberty Place will be more than 90% occupied when the Industrious space is operational.

Industrious currently operates shared workspace in more than 75 locations in more than 40 U.S. cities.

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