REAL ESTATE: ‘Flexible Office Space’ a New Venture for Tower 16 Capital Partners
ENCINITAS – A newly formed coworking company, Tower 16 CoWork, has opened its flagship office in Encinitas with plans to expand to other sites in San Diego County.
Co-founders Mike Farley and Tyler Pruett opened Tower 16 CoWork at 1532 North Coast Highway after getting little interest from potential tenants in leasing space in their building for conventional offices, according to Farley.
“As we did our research into the coworking space, it just made sense.” Farley said. “We’ve seen a lot of people gravitate toward flexible office space, whether it’s an individual entrepreneur who wants a desk or companies leasing space.”
Created by Farley and Pruett in 2017, the parent company to Tower 16 CoWork, Tower 16 Capital Partners, was primarily invested in apartment projects around the Westen U.S., said Farley, who was managing director of Rialto Capital Management in Orange County before forming Tower 16 Capital Partners.
“A large part of our portfolio then was office and industrial, so we’ve got a strong background in that space,” Farley said. “We just saw that potentially as a way to bring tenants into the building but also participate in a long-term trend about how people office.”