Coworking giant Industrious is taking over competitor WeWork's former headquarters space in midtown Manhattan, but it won't be signing a lease.

Unlike WeWork, which is emerging from bankruptcy after shedding more than $11B in debt tied to office leases, the business model embraced by Industrious is focused on managing rather than owning or leasing office property, splitting the profits with landlords and reducing the risk.

Industrious has signed a 10-year agreement to manage 240K SF spread across 16 floors at Kato International's Tower 49 at 12 East 49th Street, Bloomberg reported.

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