NEW YORK, NY (September 24, 2019) - Industrious, the largest
premium flexible workspace provider in the U.S., announced it has signed
additional space for its Chicago - Ogilvie location at 500 West Madison Street
in Accenture Tower, a 1.46-million-square-foot office tower. Accenture Tower is
owned by KBS, one of the largest owners of premier commercial real estate in
the nation. Industrious Ogilvie will now comprise over 93,000 square-feet of
space, up from its original 46,500 square-feet; the company signed the
expansion due to overwhelming consumer demand.
“Industrious has an established presence in Chicago and we
continue to see strong demand for our product,” said Doug Feinberg, director of
real estate at Industrious. “Our Ogilvie location opened in June and
immediately exceeded expectations. The building is so on-brand for Industrious
- it’s a highly-amenitized property in a prime, walkable location - so we
jumped at the opportunity to expand our presence in the asset. We look forward
to serving even more members at Industrious Ogilvie.”
Industrious Ogilvie features shared workplaces, private
offices for teams of various sizes, and Canvas suites, its signature enterprise
offering. Known for its professional atmosphere, Industrious offers its members
thoughtfully-designed workspaces intended to increase productivity;
all-inclusive amenities including Wi-Fi, a fully-stocked cafe with breakfast
served daily, and networking events and programming; and access to its vast
national network. The Ogilvie expansion space at Accenture Tower is expected to
be open for business in Q2 2020.
KBS spearheaded a multi-million-dollar renovation of
Accenture Tower in 2015 to deliver in-demand services and amenities. The
property features 80,000 square-feet of retail space, a two-level fitness
center, and a host of concierge services. The office tower has also been
awarded The Outstanding Building of the Year (TOBY) twice by the Building
Owners and Managers Association (BOMA).
“Accenture Tower is a sought-after destination for today’s
office tenants,” explains Dan Park, senior vice president of KBS and asset
manager of the property. “In addition to its high-quality environment and
amenities, the property’s location above Ogilvie Transportation Center is like
nothing else in Chicago. Industrious’ members can commute in, come to work, and
enjoy state-of-the-art food and fitness amenities – all without ever stepping
foot outside.” Park also notes that Industrious is a sophisticated operator
with deep experience in the Chicago market, making the expansion a natural fit
for the property’s unique ecosystem.
“Coworking is one of the fastest growing trends in the world
of commercial real estate,” says Park. “By expanding Industrious in Accenture
Tower, we are thrilled to be part of this emerging concept, providing the
flexibility and the environment that thriving companies need to grow, adapt and
Industrious currently has seven other locations across
Chicago: Central Loop, Evanston, Fulton Market, Gold Coast, River North, West
Loop, and Wicker Park. Around the country, past and present Industrious members
include: Compass, Heineken, Humana, Lyft, Pandora, Pinterest, and Zillow.
Industrious currently has over 80 locations across more than 45 U.S. cities.
Cushman & Wakefield’s Wendy Katz, executive director,
and Matt Lerner, senior director, represented KBS in the transaction; CBRE’s
Paul Reaumond, executive vice president, Mark Cassata, senior vice president
and Ian Murphy, director, represented Industrious.
“Coworking companies have tripled their footprint in Chicago
since 2015 to occupy almost 3.5 million square-feet or over 2.5% of the overall
CBD inventory,” says Katz. “That said, coworking providers are not looking for
just any space. They are demanding properties, such as Accenture Tower, that incorporate
high-end amenities in locations providing convenient transportation access in
vibrant neighborhoods. Our building’s attributes contributed to Industrious’
commitment to double in size.”