Business Notes: Co-Working Company Industrious Arrives in Bethesda
Plus: Median home prices continue to rise in Montgomery County; hedge fund pressures Bethesda hotel ownership company to sell
An Industrious co-working space
Co-working company Industrious leases full floor at downtown Bethesda building
Another co-working space is coming to the area. Industrious, a New York-based company, announced this week it leased the full fifth floor—about 28,000 square feet—of JBG Smith’s 7200 Wisconsin Ave. office building. Industrious is among the growing stable of real estate companies that lease or buy large amounts of office space in buildings across the country, then renovate and partition the spaces into smaller units to lease them to other businesses. The company plans to open the Bethesda location this summer. Industrious has 35 locations nationwide and the Bethesda one will be its second in the Washington, D.C., region after it opened a co-working space at One Thomas Circle in D.C.
Other co-working companies that have opened locations in the area include Spaces, which opened in Chevy Chase, D.C., in 2017 and MakeOffices, which opened in 2014 in downtown Bethesda as UberOffices before later changing its name.
Home sales, prices continue to rise in Montgomery County
The real estate market is active in Montgomery County, according to the latest statistics from the Greater Capital Area Association of Realtors.
In April, 1,137 home sales closed—a 1.8 percent increase from last year. The median price of the homes sold was $445,000—2.3 percent higher than last April’s median price of $435,000. However, the average sales price fell slightly from $546,156 in April 2017 to $543,558.
Homes are also selling quickly, according to the statistics. Half the homes sold in April were on the market for 10 days or less. And more homes were listed in April—the 1,451 pending sales in April was an increase of 1.7 percent from one year ago.
New York hedge fund pressures Bethesda hotel company to sell
The New York hedge fund HG Vora Capital Management recently increased its ownership stake in Bethesda-based LaSalle Hotel Properties and is encouraging the hotel ownership company to sell the business to the Bethesda real estate investment company Pebblebrook Hotel Trust, according to The Washington Business Journal. Pebblebrook previously offered to buy LaSalle for about $3.7 billion about a month ago, but it’s not clear if LaSalle will sell, according to the report. The hedge fund has encouraged LaSalle to try to secure a better deal from Pebblebrook as interest in buying LaSalle grows from other companies.
The report notes a deal between LaSalle and Pebblebrook would create the second-largest hotel investment trust—behind only Bethesda-based Host Hotels & Resorts—and give the combined companies ownership of 65 hotels.