The Deal Sheet
The Foundry Group plans to roll out seven new locations across Texas in the next two years with 42 additional sites in the following three years across all major US markets. Within 10 years, the collaborative workspaces firm plans 1,000 locations. (That gives you a couple years to learn how to collaborate nicely or end up out in the woods.)
The Foundry Group selected E Smith Realty Partners to ID new locations in the national expansion project as well as provide tenant rep services including lease negotiation, tenant improvement allowances, terms of occupancy, and vendor selection. VP John Pelletier (bookended between Emmitt Smith and Sharon Morrison on his left and Brant Landry, Dave Cochran, and Maggie Rowe on his right) will spearhead the efforts along with Brant and Dave. John tells us ideal spaces are in dense urban areas with a high per capita income; mixed-use developments and live/work/play environments with retail/restaurants and commercial within close proximity. The target footprint for each site is about 20k SF.
The Foundry Group's flagship 12k SF site, within Mockingbird Station is fully leased and expansion plans are in the works. There are 4.5 new co-working spaces opening each day (the half-spaces are for hobbits). There is a huge population looking for a well-operated executive center space without losing the contemporary, collaborative atmosphere, John says. There are obviously needs for both the traditional and the radical, but the entrepreneurial business centers are in great demand, he says. Look for Austin and Houston on the expansion horizon, most certainly, John says.