Industrious Extends, Expands Manhattan Lease

Flexible office space provider Industrious has signed a lease extension and expansion for its space at 860 Broadway in Manhattan, bringing its footprint at the property to 27,630 square feet across two floors.

The firm previously occupied 13,815 square feet at Gordon Properties’ building. Cushman & Wakefield brokered the deal on behalf of Industrious, while JLL represented the landlord.

Originally built in 1884 and renovated in 1926, 1979 and 2019, the historic property rises six stories and spans 84,000 square feet. On the ground floor, 860 Broadway also includes more than 11,000 square feet of retail space. Industrious plans to further expand at the property once a fifth-floor addition is completed in the first quarter of 2025, as reported by Commercial Observer.

The historic building once served as one of Andy Warhol’s factory studio and artist hangout locations. In December, fintech company Valon Technologies leased 13,815 square feet at the property. The asking price at the time was $68 per square foot. Kaltura and Selldorf Architects are also on the tenant roster, according to CommercialEdge data.

Located within the Flatiron submarket, 860 Broadway is adjacent to Union Square Park. It is also within walking distance of the Union Square transit hub.

Manhattan’s office market softens

Cushman & Wakefield Managing Directors Justin Halpern and Edward Wartels, along with Advisor Benjamin Bouganim represented Industrious in the transaction. JLL Executive Vice President Seth Hecht and Associate Thomas Swartz worked on behalf of Gordon Properties.

As of March, asking rates in Manhattan clocked in at $71.3, representing a 3.9 percent year-over-year decrease. Despite the drop, the market remains the priciest in the U.S., according to a recent CommercialEdge report. The vacancy rate in the borough stood at 17.6 percent, up 1.1 percent year-over-year, while staying below the 18.2 percent national average.