Industrious to Open Flex Office Space in Beverly Hills
Industrious is planning to open a 16,000-square-foot coworking location in Beverly Hills, at Douglas Emmett Inc.’s 150 South Rodeo Drive, the Commercial Observer reported. Slated to open this fall, the new space will be the flexible workplace operator’s first location in the city, .
Earlier this year, CBRE acquired the remaining stake it did not already own in Industrious for approximately $400 million, a deal that brought the flex space operator to a total estimated enterprise value of $800 million. CBRE began investing in Industrious in 2020, expanding its stake to 40 percent by 2022.
The asset on Rodeo Drive has been under Douglas Emmett’s ownership since the company bought it in 2011 from Brickman Real Estate for $42 million, according to CommercialEdge information.
The office at 150 S Rodeo Drive
Completed in 1990, the 71,812-square foot, three-story office building is within 13 miles west of downtown Los Angeles, near the Los Angeles Country Club and California State Route 2. The tenant roster features Bloom, Hergott & Diemer, Consulate General of Qatar, Ardesh Facial Plastic Surgery and Enzo Custom, the same data provider shows.
Shared amenities at the future flex office space will include common lounge with cafe, conference rooms, private phone booths, as well as a mail and packaging room. Industrious has two other locations within 2 miles of the property on Rodeo Drive, at 1875 and 1925 Century Park E.
As of February, coworking spaces had increased by 25 percent compared to the previous year, totaling 7,814 flex offices nationwide, a recent CommercialEdge report shows. In terms of square footage, coworking spaces now account for 2.0 percent of all office space, following a 15.2 percent rise to 140.1 million square feet across the U.S.
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