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New York & Tri-State  + Midtown New York  + Office  |  June 11, 2024
Emily Fu
By: Emily Fu

Competitor Takes Over WeWork’s Former NYC HQ 

Coworking firm Industrious has taken over space previously used by WeWork as its New York City headquarters. Industrious signed a 10-year agreement to manage 240,000 square feet across 16 floors at Tower 49, 12 E. 49th St., in Midtown, in partnership with landlord Kato International. This move follows WeWork’s recent bankruptcy restructuring. 

Industrious, backed by CBRE, focuses on management contracts with landlords rather than leasing properties. The company’s revenues have tripled from 2019 to 2023. CEO Jamie Hodari mentioned the new location will allow Industrious to experiment with different business initiatives, including design, modular offices, and event spaces.  

Tower 49, built in 1986, spans over 600,000 square feet. WeWork previously occupied over 300,000 square feet and used it as its corporate headquarters before relocating to Union Square.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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