Industrious, a leading coworking firm, has recently acquired the former New York City headquarters of WeWork. The company has signed a 10-year agreement with landlord Kato International to manage 240,000 square feet across 16 floors at Tower 49 in Midtown. This move comes after WeWork’s recent bankruptcy restructuring.
Unlike traditional leasing models, Industrious focuses on management contracts with landlords and has seen its revenues triple from 2019 to 2023. CEO Jamie Hodari stated that the new location will provide an opportunity for Industrious to experiment with various business initiatives such as design concepts, modular offices and event spaces.
Tower 49 was built in1986 and spans over600,000 square feet. Previously occupied by WeWork as their corporate headquarters before relocating to Union Square,Tower49 highlights the increasing demand for coworking spaces and showcases Industrious’ strategic expansion into former WeWork sites.
This article originally appeared on Connect CRE.
