Industrious to Open 2nd Phoenix Coworking Space – What is a Ground Lease?

, Industrious to Open 2nd Phoenix Coworking Space – What is a Ground Lease?, Robert Khodadadian

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Industrious is planning to open Industrious Park Central, a new 20,910-square-foot coworking location in Phoenix. The space will be part of Park Central, a 530,000-square-foot, Class A mixed-use redevelopment owned by Plaza Cos. and Holualoa Cos., which features office, multifamily, retail, cybersecurity and healthcare uses.

Scheduled to open in September 2023, the location will encompass a total of 287 seats and a mix of shared workspaces for teams and individuals, private offices, conference rooms and lounge areas. Tenants will also have access to building amenities, including patios, parking, a bike path and on-site restaurants.

Located at 3110 N. Central Ave., within the Midtown neighborhood, the property is less than 3 miles north of Phoenix city center. The transit-oriented property is also less than 3 miles from interstates 10 and 17, being also in proximity of several light rail stops. Creighton University, Alliant International University, University of Jamestown, CoreLink Data Centers and District Medical Group, among several retailers, are among the tenant roster at Park Central.

The Coppola Cheney Group of Lee & Associates, alongside Plaza Cos.’ Vice President of Brokerage Services Bill Cook and Senior Vice President of Brokerage Services Margaret Lloyd, represented the owners in the lease signing. First Vice President Matthew Mallers and Senior Vice President Bryce Terveen of CBRE worked on behalf of Industrious.

Building a robust coworking portfolio

Active in more than 60 markets internationally, Industrious started off the year strong, trying to meet its goal of adding 1 million square feet of coworking space to its portfolio this year. The company currently owns four flex office spaces in Arizona, with Industrious Park Central marking the firm’s second location in the metro, along Industrious Biltmore, another 32,000-square-foot coworking space located at 2801 E. Camelback Road.

Last year, the company opened three coworking spaces in Washington, D.C., including Industrious Capital Riverfront, a 41,245-square-foot flex office space, comprising 530 seats and 141 offices. In November, the firm also opened Legacy Place, a 35,441-square-foot space in Dedham, Mass., marking its seventh location in Boston MSA.

The post Industrious to Open 2nd Phoenix Coworking Space appeared first on Commercial Property Executive.

 Development, News, Office, Phoenix, West, CBRE, Coworking, Holualoa Companies, Industrious, Lee & Associates, Plaza Companies 

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