Rubenstein Partners Announces First Partnership with Industrious to Bring Premium Coworking into Its Portfolio

PHILADELPHIA, Oct. 10, 2018 /PRNewswire/ -- Rubenstein Partners, L.P. (Rubenstein), a vertically-integrated fund manager specializing in office real estate, today announced a partnership with premium workplace provider Industrious. Industrious will bring its hospitality-driven workplace solutions to Carlyle Tower, a mixed-use property located in Alexandria, Virginia directly across the street from the Metro. The new Industrious location at Carlyle Tower is scheduled to open in January 2019.

Industrious is the largest premium coworking and flexible workplace provider in the country. With a nationwide network of more than 50 beautifully designed, productivity-driven offices across 33 cities, Industrious allows established companies from SMBs to Fortune 500 brands to fully outsource their workplace management needs. Industrious customers include Pinterest, Lyft, Hyatt, Pfizer, GM and other household names.  

This partnership will operate as a management agreement where Rubenstein owns and develops the property and Industrious acts as operator. Both parties collaborate on design, construction and marketing. In addition, Industrious will manage a variety of conferencing, programming and amenity experiences for Carlyle Tower tenants and guests.

"After an extensive vetting process, we chose to partner with Industrious based on their proven track record, the value they place on delivering superior quality, amenities and care to their customers, and the synergies that will be created with the environment Rubenstein is creating at Carlyle Tower," said Steve Evans, Regional Director of the Washington, D.C. Market for Rubenstein Partners.

"Rubenstein Partners is at the vanguard of the office industry," added Daniel Doyon, managing principal of Workplace Hospitality Management and consultant on the transaction. "They are continuously innovating creative ways to deliver hospitality and flexibility to their tenants while simultaneously adding value to the underlying real estate."

"We are excited to collaborate with Rubenstein Partners to bring the elegance and energy of Industrious workspaces to Rubenstein's portfolio," said Jamie Hodari with Industrious. "This partnership is a prime example of the immense value of our management agreement model, and we look forward to working together to deliver the best possible workplace experience for our members and tenants."

Rubenstein acquired the property, formerly named 2461 Eisenhower Avenue, and subsequently re-branded the asset to Carlyle Tower and is completing a capital improvement plan to transform the property into an approximately 365,000 square foot mixed-use project, comprised of roughly 335,000 square feet of fully-renovated innovative office space along with 22,500 square feet of upgraded retail and a to-be built 7,500-square-foot retail pad.

About Rubenstein Partners

Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the United States.  The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S.  Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004.  Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 21 million square feet of office real estate assets throughout the United States.  For more information, visit www.rubensteinpartners.com.

About Industrious

Industrious is the largest premium coworking solution and flexible workspace provider in the U.S. with more than 50 locations across 33 cities in the United States. Founded in 2013 by Jamie Hodari and Justin Stewart, Industrious provides established companies and enterprises with stunning offices, five-star service, inviting hospitality and productivity-driven design that makes people excited and proud to come to work. By transforming coworking and office space management into a welcoming, elegant and premium experience, Industrious has reshaped the concept of coworking into a scalable platform for businesses of every size and stage. For more information, visit www.industriousoffice.com.

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SOURCE Rubenstein Partners

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