The Sapir Organization has signed a ten-year, 43,874 s/f partnership agreement with Industrious, a leading workplace provider, at 261 Madison Avenue.
“Industrious adds to 261 Madison’s strong roster of innovative, industry leading companies that are drawn to our prebuilt workspace and close proximity to Grand Central Terminal,” said Alex Sapir, President and CEO of The Sapir Organization. “As more companies return to work and look for cutting-edge space near transit hubs, 261 and 260 Madison are poised to play a leading role in Midtown’s office recovery.”
“New York City is an exciting market for coworking as many small and mid-sized companies are looking for solutions to their return-to-work plans,” shared Doug Feinberg, Senior Director of Real Estate at Industrious. “The demand for flex office space is apparent in the city, so we are excited to partner with The Sapir Organization to open our twelfth location in New York City to date.”
Founded in 2012 and headquartered in New York, Industrious provides workplaces for companies of all sizes and stages. Around the country, past and present Industrious members include: Cisco, Lyft, Spotify, Heineken, Chipotle, Pinterest, and Salesforce.
Industrious will occupy the entire ninth and tenth floors, a space previously occupied by WeWork. The revamped space will feature open floor plans, collaborative spaces, exposed ceilings, and concrete floors.
Industrious’ partnership announcement follows the signing of two substantial leases in 2019 with a fortune 500 company and a leading skincare company. 261 Madison was purchased by Sapir along with 260 Madison in 1997 and is also home to the acclaimed restaurant Zuma, major law firms, national banking companies, and the Sapir Organization’s headquarters.
A CBRE team of Peter Turchin, Gregg Rothkin, Tim Freydberg, Jared London and Hayden Pascal represented the Sapir Organization on the deal, while CBRE’s Sacha Zarba and Alice Fair represented Industrious.