Stockyards, the Federal Capital Partners® (FCP)/Westbridge joint-venture adaptive renovation of three historic warehouses in West Midtown, has landed a 19,000 square-foot lease with the New York-based co-working provider, Industrious.
The 142,500 square-foot project is now 75 percent pre-leased ahead of the completion of Phase I, which will be delivered later this summer.
“We are thrilled to once again align ourselves with such a creative, innovative development as Stockyards as we expand in Atlanta with our fourth location,” said Justin Stewart, President and Co-Founder, Industrious.
The co-working company joins Fitzgerald and Co. and Momentum Worldwide, both owned by InterPublic Group (NYSE: IPG); Mannington Mills Inc., and Donetto, a new restaurant concept from The Indigo Road. The Painted Duck, a sister concept to the Painted Pin in Buckhead, signed a 24,500 square foot lease. Both Donetto and The Painted Duck plan to open later this summer.
FCP Vice President Sarah Hubbard noted, “Co-working has been a targeted use at Stockyards, and we are pleased to welcome one of the industry’s leaders in Industrious.”
“As the area has seen a rise in larger square footage requirements from office tenants, Industrious will fill the gap providing small offices and entrepreneurs office options that are not currently available,” said Chris Faussemagne of Westbridge Partners.
Stockyards occupies three acres on the corner of 10th Street and Brady Avenue in West Midtown, Atlanta. The tract is one of the last remaining pieces of Atlanta’s historic industrial core.
Located on the rail lines, the area served as the central clearinghouse for livestock through the 1800s and into the 1900s. Stockyards includes two historic meat-packing buildings constructed in the early 1900s.
Westbridge Partners and FCP are jointly developing Stockyards. Designed by architectural firm ai3, it will total 108,000 square feet of creative class A office space. The street level will include an additional 10,000 square feet of restaurant space with 24,500 square feet located on the terrace level.
The project will include 400 parking spaces within a parking structure to support easy access from multiple entry points. Gay Construction is the General Contractor. Shaun Weinstock of Weinstock Realty represented Industrious and Cushman and Wakefield represented Stockyards on behalf of the joint-venture.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets in the Eastern United States. For further information on FCP, please visit www.fcpdc.com.
About Westbridge Partners
Westbridge Partners is an Atlanta, Ga.-based commercial real estate firm with extensive experience rehabilitating and restoring historic structures and developing unique product types. Westbridge helmed the development of the southern side of the Westside Provisions District including the bridge and is responsible for much of the redevelopment around 14th Street and Howell Mill Road in Midtown, Atlanta. Westbridge Partners has extensive experience in historic preservation, renovation and re-use. The commercial real estate development firm acquired the White Provision building in 2005 and served as the development partner for the project. The firm has played a critical role in transforming West Midtown into a retail and restaurant destination ushering in the surge of activity that has made the area one of the most sought-after markets in the region. For more information, visit www.westbridgepartners.net.
About Industrious
Industrious was cofounded in 2013 by Jamie Hodari and Justin Stewart. The company is the country’s leader in high-end coworking, offering elegant private offices, flexible terms, and personalized customer service that makes people proud and excited to come to work. Industrious’s national network currently has coworking spaces in Atlanta, Austin, Chicago, Columbus, Los Angeles, Minneapolis, Manhattan, Nashville, Brooklyn, Philadelphia, Pittsburgh, Raleigh, and St. Louis, and is opening more than 20 additional locations in 2017, including in Charlotte, Dallas, Denver, Indianapolis, and Seattle. For more information, please visit https://www.industriousoffice.
