David Miller, senior vice president with Colliers International’s Chicago-based Office Advisory Group, represented Industrious in a new 17,000-square-foot lease at 320 W. Ohio St. in Chicago’s River North neighborhood.
Industrious was recently launched by a private New York-based investment group. Its concept is based on what Industrious Principal Justin Stewart calls “the Hive Office.”
“We are taking office sharing to a higher, more aesthetically pleasing level,” Stewart said.
Philip Tadros, owner of the Chicago-based design firm Doejo, is also a partner in the project.
Industrious will begin targeting potential users with one to 10 employees such as freelance designers, financiers and small technology firms to assume license agreements at the property on a month-to-month basis. Amenities include free wi-fi, electricity and mail services plus access to conference and collaboration rooms. There will also be a Bowtruss coffee shop built into the space.
Stewart expects Industrious to begin welcoming new tenants by June 2012, and is anticipating a handful of other area locations by mid-2014.
320 W. Ohio St., also known as the Adlake Building, is a 192,200-square-foot property constructed in 1910 and is located in Chicago’s River North neighborhood. The building is currently owned by a private land trust.
In 2012, the River North submarket witnessed 265,000 square feet of positive absorption and also had the lowest vacancy rate in the Chicago CBD at 12.7 percent. The submarket is becoming increasingly popular with consulting and technology firms.
