Industrious Partners with Seritage Growth Properties to Open Five Locations

NEW YORK, May 21, 2019 /PRNewswire/ -- Seritage Growth Properties, a national retail and mixed-use developer, today announced a partnership with flexible workspace provider Industrious to bring premium workspaces to five locations in the Seritage portfolio, with the first location to open in La Jolla, San Diego, CA.

"Industrious is a wonderful complement to the integrated mixed-use environments we are curating throughout our portfolio," said Benjamin Schall, President and Chief Executive Officer of Seritage Growth Properties.  "Our differentiated settings provide Industrious customers with enhanced amenities surrounded with food and dining, health and wellness, and complimentary retail experiences. These synergies are at the forefront of the transformation of retail redevelopment, and we are excited by the growth potential for our partnership with Industrious."

The Collection at UTC, located in the heart of the UTC shopping, dining, residential and business district will be Industrious' s first location in the San Diego market.  Anchored by the luxury fitness brand Equinox, The Collection at UTC will offer a variety of fashion brands, restaurant-forward concepts, home stores, office, health and wellness and entertainment all set within a 360-degree outdoor experience.

Industrious is known for its professional atmosphere, thoughtfully-designed spaces intended to increase productivity, and hospitality-driven, member-centric approach.  With over 70 locations across more than 40 U.S. cities, the company offers coworking space with best-in-class services and amenities that can accommodate everyone from solopreneurs to enterprise-level clients. Across the country, Industrious members include large, well-known companies such as Pfizer, Hyatt, Airbus, Pandora, Lyft, Pinterest, and more.

"Industrious has been at the forefront of bringing flexible workspace to vibrant mixed-use settings and we are proud to be partnering with Seritage Growth Properties to continue to expand this offering across the country," said Justin Stewart, president and co-founder of Industrious. "The demand for an integrated community of work, life, and shopping is growing and, with Seritage, we have found a like-minded, innovative partner who shares our vision in creating high-quality customer experiences." 

ABOUT SERITAGE GROWTH PROPERTIES
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 198 wholly-owned properties and 27 joint venture properties totaling approximately 35.6 million square feet of space across 46 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. Pursuant to a master lease, the Company has the right to recapture certain space from the successor to Sears Holdings for retenanting or redevelopment purposes. The Company's mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities and create long-term value for our shareholders. For more information please visit, https://www.seritage.com/

About Industrious
Industrious is the largest premium flexible workspace provider in the U.S. with over 70 locations in more than 40 U.S. cities. Its Workplace Experience platform, which pairs thoughtfully-designed spaces with hospitality-driven services and amenities, has reshaped the concept of coworking into a scalable solution for companies of all sizes and stages. Since its founding in 2013, Industrious has helped thousands of companies scale their businesses while maintaining the highest NPS scores in the industry. For more information, visit www.industriousoffice.com.

FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in Seritage's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission, or SEC, on March 1, 2019 and other risks described in documents subsequently filed by the company from time to time with the SEC.

Media Contact:
Jason Chudoba
ICR
[email protected] | (646) 277-1249

Natalie Hernandez
Industrious | PR & Communications Manager
[email protected]

SOURCE Seritage Growth Properties