Industrious Expands Presence in Chicago CBD
- Sep 25, 2019
Industrious has leased additional space for its Chicago-Ogilvie location at Accenture Tower, the iconic 1.5 million-square-foot office building in West Loop. Industrious Ogilvie will now comprise more than 93,000 square feet, double the size of the original space that opened in June. Cushman & Wakefield represented landlord KBS, while CBRE assisted the tenant in the leasing deal. The Ogilvie expansion is expected to be open for business in the second quarter of 2020.
Industrious currently has seven other locations in Chicago and 80 locations across 45 U.S. cities. The flexible workspace company opened a Miami coworking space in March and its second Charlotte location in May.
Cushman & Wakefield Executive Director Wendy Katz and Senior Director Matt Lerner represented KBS in the transaction. CBRE Executive Vice President Paul Reaumond, Senior Vice President Mark Cassata and Director Ian Murphy negotiated on behalf of Industrious. According to Katz, coworking companies have tripled their footprint in Chicago since 2015. They now occupy almost 3.5 million square feet or more than 2.5 percent of the city’s CBD inventory.
According to Yardi Matrix data, KBS acquired Accenture Tower in 2013 for $425 million from GE Capital Real Estate. Built in 1987 and completely renovated in 2005, the Class A+ high-rise features 80,000 square feet of retail space and has floorplates that range from 32,000 to 48,000 square feet. Amenities include a two-level fitness center, on-site basketball court, conference rooms, café and ATM. The LEED Gold office tower received the Building Owners and Managers Association’s The Outstanding Building of the Year award twice. In 2015, KBS implemented a multimillion-dollar renovation program at the property.
Accenture Tower rises at 500 W. Madison St. above Ogilvie Transportation Center. The 40-story building is three blocks east of Interstate 90 and its central location offers instant access to high-street retail, restaurants and entertainment.