The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

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

Share



Related Articles

WeWork Shares to go Public Via Merger

WeWork, the co-working office space company, will see its shares start trading on the stock market, via its merger with BowX Acquisition Corp. This comes less than two...

 Read Full Article
Marchmont and Pictet Alternative Advisors Purchase Virgin’s Training Facility in Crawley

Virgin Atlantic’s Training Centre in Crawley has been sold to Marchmont Investment Management and Pictet Alternative Advisors​ for c.£30...

 Read Full Article
Equans to Sell its UK District Heating and Cooling Network Activities

Equans, a subsidiary of the Bouygues group, is to sell its UK district heating and cooling network portfolio to a consortium formed by Swiss Life Asset Managers and...

 Read Full Article
Apleona Acquires Cambridgeshire-Based JCW Group

Global IFM provider Apelona has acquired JCW Group, a technical facilities management provider based in Royston, Cambridgeshire. The financial details of the...

 Read Full Article
Osborne Property Services Sold to Cargo Group

South-west-based building maintenance firm Cardo Group has acquired Osborne Property Services Limited. The move forms part of Cardo’s strategy to build a family...

 Read Full Article
Mitie Acquires JCA Engineering for £31.5m

Outsourcing firm Mitie has acquired Stevenage-based engineering contractor JCA Engineering in a deal worth £31.5 million. Mitie will pay an initial cash payment...

 Read Full Article
Great Portland Estates Acquires Soho Square Estate

Great Portland Estates plc has announced the acquisition of King Sloane Properties Limited, which owns the freehold interests at 16/19 Soho Square. The estate...

 Read Full Article
Arcus Facilities Management Acquires Trios Group

Arcus Facilities Management has completed its acquisition of the Trios Group, adding to its mobile engineering, technology, and project delivery service...

 Read Full Article
Thermatic Acquires PDS Drainage Solutions

Technical FM provider Thermatic has acquired PDS Drainage Solutions. PDS’ position in the commercial drainage market in the UK will aid Thermatic’s’...

 Read Full Article
WeWork Shares Fall by 24%

WeWork, the co-working office space company, has seen its shares drop by 24 per cent during extended trading, causing “substantial doubt” over the...

 Read Full Article