Industrious takes over WeWork’s New York HQ

Industrious has taken over WeWork’s former New York headquarters. The flex workplace company has agreed a 10-year lease to operate Kato International’s Tower 49 in midtown Manhattan. Industrious will develop and operate 240,000 sq ft of flex space across 16 floors. It is one of a small number of WeWork spaces that Industrious has snapped up following WeWork entering Chapter 11 proceedings in November last year. In the UK, it has signed to takeover space at the 70,593 sq ft 131 Finsbury Pavement, EC2. WeWork had signed a 15-year lease with Royal London Asset Management Property in 2017.  Industrious is understood to have looked at around 70 WeWork spaces. Chief executive and co-founder Jamie Hodari said: “As hybrid workplace models have gone mainstream, we are committed to providing spaces that meet the modern needs of professionals. With its iconic New York location in the immediate vicinity of Rockefeller Center, Tower 49 is a hub of innovation and productivity. “Our goal is to transform this space into a vibrant community where businesses thrive, creativity springs to life, connections are made, and the comforts of home seamlessly blend with the demands of the office.” Hisamitsu Hara, senior vice president and general manager at Kato International, added: “Industrious has a proven track record of creating dynamic and productive work environments, which aligns perfectly with our vision for Tower 49. We believe their expertise and commitment to excellence will elevate this landmark building, offering our tenants an exceptional experience that meets the evolving needs of today’s workforce.” Industrious operates more than 200 locations globally, including 22 in New York City. WeWork announced that it was exiting the 300,000 sq ft Tower 49 in April. Some 2,800 “members” were based at the office block at 12 East 49th Street. It had been present in the building since 2016. WeWork is set to exit bankruptcy proceedings by the middle of this month having slashed future rents by more than a half, reduced its debt by $4bn (£3bn) and resizing its portfolio to around 600 properties around the world. Photo by Erik Pendzich/Shutterstock (10455631f)