Industrious to Open Connecticut Flex Office Space

Flex office giant Industrious has signed a 17,773-square-foot long-term lease at Fareri Associates’ 5 Greenwich in Greenwich, Conn., marking the company’s first coworking space in the city. CBRE arranged the transaction on behalf of the ownership, while Cushman & Wakefield represented the tenant in the negotiations.

In January of this year, CBRE acquired the remaining stake in Industrious, which brought the company’s ownership to full control. Since 2020, CBRE has purchased approximately 40 percent equity interest in the flex workplace solutions provider. With the remaining stake valued at $400 million, Industrious’ estimated enterprise value amounts to around $800 million.

Industrious will occupy the first floor at 5 Greenwich, where the amenity center is also located. The space underwent recent renovations, which included a new cafe, fitness center, private dining and direct access to an outdoor plaza.

Greenwich Office Park, up close

Completed in 1974, the property is a three-story, 106,293-square-foot office building, part of the Greenwich Office Park, a 20-acre, eight-building campus totaling 385,000 square feet. Industrious will join Marblegate, Performance Equity Management, Greenwich Metals and Lotus Infrastructure Partners in the tenant roster, Yardi Research Data shows.

Located in the Bridgeport – New Haven submarket, 5 Greenwich is less than 2 miles from the New York/Connecticut state line, just off U.S. Route 1. Other major thoroughfares in the area include Interstate 95 and CT-15. The property is some 6 miles southeast of Westchester County Airport. Downtown Manhattan is 35 miles away.

CBRE Executive Vice President David Block was in charge of leasing at the office building, while Cushman & Wakefield Managing Directors Justin Halpern and Edward Wartels, Executive Managing Director Steve Baker and Senior Associate Benjamin Bouganim worked on behalf of Industrious in the deal.

Industrious’ recent activity

In March, Industrious leased 20,000 square feet at 560 Lexington Ave. in Manhattan’s Midtown East. The company will occupy an entire floor at the property.

Later in May, the flex office provider, together with Florida’s high-speed rail system Brightline, launched On-The-Go Workspaces. The initiative will involve four train stations across Florida which will feature coworking spaces, as well as a bookable private train car for working commuters.