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 evolve.”
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.”