Industrious to Add Location in Manhattan’s NoMad

Coworking giant Industrious has leased 23,000 square feet at Heng Sang Realty’s 386 Park Ave. S. office building in Manhattan, Commercial Observer reported. The space marks the tenant’s 35th flex office in the borough.

The coworking company will occupy the entire 18th and 19th floors at the property, with plans to open the space later in May, Crain’s New York Business wrote.

The present deal comes a year after Industrious opened another Manhattan location, at 560 Lexington Ave. The coworking space on Park Avenue South will join the firm’s other flex office locations in Midtown, including NoMad, at 776A Sixth Ave., Flatiron, at 119 W. 24th St., Indy, at 120 E. 23rd St., as well as the spaces at 902 Broadway and 156 Fifth Ave., both scheduled to open this fall.

In May 2025, Industrious partnered with Brightline to deliver “on-the-go workspaces“, a coworking format that brings flex offices in four train stations across Florida. Later that year, the flex office provider 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.

As hybrid work increasingly emerges as the new norm, flex offices are no longer experimental, but structured parts of the office culture. In order to adapt to the current return-to-office expectations, landlords are pushed towards incorporating flex spaces into their broader leasing strategies, establishing satellite offices closer to where their teams live. Large firms use coworking as a way to right-size portfolios, according to recent coworking industry trends, as operators expand into secondary markets.

A century-old high-rise

Heng Sang Realty acquired the 260,000-square-foot tower in 2015 from William Macklowe Co., for $201.5 million, Yardi Matrix data shows. The 20-story office building is currently the subject of an $84.1 million permanent loan issued by Allianz later that year, bearing a maturity date in September 2030, according to the same source.

Completed in 1927 in Manhattan’s NoMad neighborhood, the LEED Gold-certified high-rise underwent several renovations over the past century, with a complete repositioning in 2011. Property features include conference rooms, six passenger elevators, floorplates ranging from 11,000 to 13,121 square feet, and 21,332 square feet of retail space.

As of January, office listing rates in Manhattan contracted 1.3 percent year-over-year to $67.36 per square foot, according to the latest Yardi Matrix office report, more than double the $32.55 national average. During the same month, vacancy rates in the borough registered a sharp fall of 350 basis points on a trailing 12-month basis, to 13.1 percent—marking the lowest value across the U.S.