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WeWork and Cushman & Wakefield Partner Up

WeWork and Cushman & Wakefield Partner Up
10 August 2021 | Updated 12 August 2021
 

WeWork and Cushman & Wakefield have announced that they have entered into an exclusive strategic partnership.

The partnership will combine WeWork’s workplace experience management software and hospitality experience with Cushman & Wakefield’s asset and facilities management services.

Aiming to provide landlords and businesses with the ability to create a differentiated workplace experience for tenants and employees in the new hybrid world of work, the deal is rumoured to be worth $150 million.

 

Flexible Working Demand

 

Sandeep Mathrani, CEO of WeWork, said: “As COVID-19 has fundamentally changed the way people work, businesses and landlords have had to rethink their approach to workspace.  Partnering with Cushman & Wakefield will combine WeWork’s industry-leading workplace experience management platform and hospitality-driven Community teams with Cushman’s world-class global client and property portfolio to create a solution that helps both landlords and businesses meet the demand for flexible workplaces to fit the changing needs of today’s workforce.”

Cushman & Wakefield Executive Chairman & CEO, Brett White, added, “With flexible workspaces being an important component of the hybrid workplace, we’re excited to partner with WeWork to demonstrate how global occupiers and investors will benefit from the power of two global leaders providing unmatched accessibility to flexible offerings, best-in-class technology and a seamless tenant experience.”

In addition, Cushman & Wakefield, WeWork and BowX Acquisition Corp are in discussions regarding a potential transaction where Cushman & Wakefield would provide up to $150,000,000.00 in a non-dilutive backstop equity facility on mutually agreeable terms.

(Note: The Facility would be subject to required approvals and the expiration or termination of any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The material terms of the partnership are non-binding and subject to finalization of definitive documentation.)

Picture: a photograph of the interior of one of WeWork's offices

Article written by Ella Tansley | Published 10 August 2021

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