The Newport Beach, Calif.-based real estate investor bought the 1.5 million-square-foot building at 500 W. Madison for $425 million in 2013 and announced a plan to spend $66 million renovating the property. New York - based Industrious has leased 46,500 sq ft on Chicago ’s Madison Avenue which will be its biggest location in the city . The deal will take the number of locations Industrious operates in Chicago to seven , after the company acquired local co - work company Assemble earlier this year . Novel Co - working is also expanding in the city , recently acquiring a 50,400 sq ft space in River North , its fifth Chicago location . More than 40 co - workspace ##s , with a total of 2.2 million sq ft of office space , compete in Chicago . WeWork is the largest with 575,000 sq ft of space , while Industrious and Novel have 185,000 sq ft and 300,000 sq ft respectively .
New York - based Industrious has leased 46,500 sq ft on Chicago ’s Madison Avenue which will be its biggest location in the city . The deal will take the number of locations Industrious operates in Chicago to seven , after the company acquired local co - work company Assemble earlier this year . Novel Co - working is also expanding in the city , recently acquiring a 50,400 sq ft space in River North , its fifth Chicago location . More than 40 co - workspace ##s , with a total of 2.2 million sq ft of office space , compete in Chicago . WeWork is the largest with 575,000 sq ft of space , while Industrious and Novel have 185,000 sq ft and 300,000 sq ft respectively .