Industrious Expands LA Coworking Footprint
Industrious has signed a 19,000-square-foot lease with Watt Cos. at the North Tower of Watt Plaza, a 476,120-square-foot office building in Century City, Calif. The flexible workplace provider entered into a 10-year lease agreement for a full floor at the office complex, which is expected to open in the fourth quarter of this year, after a complete renovation.
Watt Plaza comprises two buildings—The North Building and The South Building—totaling 900,000 square feet. The 23-story towers underwent a major lobby and common area renovation in 2020, which included the addition of a lounge, a flexible conference center, catering wet bar for events, retail space and a courtyard.
Watt Cos. purchased the office buildings back in 1999 in a $47 million portfolio transaction from Nuveen Real Estate, according to CommercialEdge data. The portfolio included 440,120 square feet of office space and 36,000 square feet of retail space at Watt Plaza – North Tower and 440,120 square feet of office space at Watt Plaza – South Tower. In 2015, the pair of buildings became subject to a $220 million loan originated by Prudential Financial, the same data shows.
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Watt Plaza achieved LEED Platinum certification for the second time in 2017, exceeding its previous Platinum performance by five points due to ongoing improvements and sustainability commitments. Located at 1875-1925 Century Park E., the Class A office buildings are near Route 2, which allows easy access across the Los Angeles metropolitan area.
Industrious’ growing portfolio
With a global network spanning over 200 locations in more than 65 cities, Industrious already leases approximately 40,000 square feet across two additional floors at Watt Plaza at 1925 Century Park E. The flexible office provider recently opened a new location in West Los Angeles, inking a lease with landlord Douglas Emmett for 20,752 square feet at Westwood Center.
As of January, the Los Angeles office market recorded 4.3 million square feet of shared space, ranking second in terms of largest flex office footprint in the U.S., according to a recent CommercialEdge market update.
Industrious has recently expanded its coworking footprint in other metros. The firm partnered with PGIM Real Estate and HPI Real Estate and Investment Services to open Industrious at 3rd & Congress, a 20,573-square-foot coworking space in Austin, Texas. The flex workspace marks Industrious’ fourth location in the city.
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