Transforming Over 50,000 Square Feet of Traditional Office Space into Flexible Industrial and Coworking Space for Growth Stage Companies Throughout Greater Phoenix
PHOENIX–(BUSINESS WIRE)–Workspace Property Trust (Workspace), the preeminent US suburban commercial office property owner and partner for the Fortune 1000, announced today that Loloft, an innovator in the industrial coworking industry, has leased 51,902 square feet of space at 4750 South 44th Place in Phoenix, Arizona. Loloft, formed in 2021, has created a unique industrial coworking model combining shared warehousing with coworking space for startups, companies, and other entrepreneurs looking to grow their business while optimizing company resources.
Loloft, short for “Local Logistics, Flexible Terms,” has seen strong success and proof-of-concept with their first location in Downtown Rogers, Arkansas adjacent to Walmart’s headquarters in Bentonville. Funded by Revolution’s Rise of the Rest Seed Fund, led by AOL Co-founder Steve Case, Loloft’s Phoenix location marks the beginning of an ambitious growth plan to expand its footprint in a number of target markets experiencing notable industrial and maker-economy growth, such as Minneapolis, Kansas City, Portland, and Tampa.
Workspace owns and operates suburban office and light industrial buildings in 14 of the top 20 US metropolitan areas and has owned the 4750 South 44th Place property since 2016. Workspace is focused on providing office and industrial space solutions to tenants across the country by offering a wide array of high-touch amenities and services that both the Fortune 1000 and smaller businesses demand.
“Phoenix, one of the fastest growing metropolitan areas in the country, has been and continues to be an important market for Workspace,” said Tom Rizk, Co-Founder, Chairman and CEO of Workspace. “We know first-hand that location, flexibility and the right amenities are critical to tenants seeking to provide the best work environment for their team members. Loloft is on the leading edge of the industrial coworking industry and a perfect tenant for 4750 44th Street. Their model of combining micro-warehousing and coworking space on flexible terms for entrepreneurs is a game changer and we are excited to welcome them into our building.”
“Phoenix is a perfect market for Loloft and we are excited to partner with Workspace and the greater Phoenix economic development community to build a sustainable presence in the market,” said Brendan Howell, CEO and Co-Founder of Loloft. “We hope to replicate our success in Arkansas and are excited to offer our elevated flexible micro-warehousing and coworking solution to companies in Phoenix”.”
Loloft will take possession of 51,902 square feet of the property on January 1st, 2024. Space will be available for members to move in the second quarter of 2024, with flexible lease options as short as 30 days, and spaces available ranging from 125 to 1,500 square feet. Pre-sales for the Phoenix location have begun, and special discounted membership rates are available to early adopters. Email firstname.lastname@example.org to learn more.
About Workspace Property Trust
Workspace Property Trust is a privately held, vertically integrated, full-service commercial real estate company specializing in the ownership, management, leasing and development of office and light industrial, R&D and flex space across the US. Founded in 2015, as combined Workspace owns and operates approximately 19 million square feet of suburban office and light industrial, R&D, Flex (IRDF) properties in markets across the country, including 14 of the top 20 US metropolitan areas. For more information on Workspace, please visit www.workspaceproperty.com
Loloft is a venture funded high growth PropTech startup revolutionizing the warehousing industry by offering small and growth-stage companies a physical space to store and manage their products without the burden of traditional long-term leases. Known as “Industrial Coworking,” Loloft’s model provides a collaborative environment that combines architecturally designed office spaces with state-of-the-art private warehouse units ranging from 125 SF to 5,000 SF, all under one climate-controlled roof. Flexible lease terms start at just 3 months. For more information on Loloft, please visit www.loloft.com
Katie Russo, ThroughCo Communications