Tuesday, May 28, 2019

Industrious Expands Philadelphia Footprint

Flexible workspace provider Industrious signed a 55,000-square-foot lease at the Two Liberty Place office tower in Philadelphia.

Joyce Oh, Mid-Atlantic area manager of Industrious, said in a statement, "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."

Industrious plans to open at Two Liberty Place in the first quarter of 2020. The company will occupy two full floors, and the deal brings the tower to over 90% occupied.

The 57-story tower at 50 S. 16th St. was built in 1990 and renovated in 2018. The 5-Star property spans 0.76 acres less than two blocks from the Suburban train station.

Industrious' first existing Philadelphia location is at Industrious Avenue of the Arts in Center City.

Coretrust acquired Two Liberty Place in October 2016 via its Coretrust Value Fund I for $219 million, or about $233 per square foot, CoStar data shows.

"Industrious is the ideal partner for us at Two Liberty Place as it is the premier provider of flexible workspace," Spike Whitney, vice president of Coretrust, said in a statement.

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