CBRE has acquired a 35% stake in flexible workplace provider Industrious and has plans in the coming weeks to acquire another 5% ownership for a total of 40%. The deal makes CBRE the company's largest shareholder and significantly increases CBRE's footprint in the flex workplace sector.
CBRE paid $200 million for Industrious' primary and secondary shares. The deal also includes the transfer of Hana, CBRE's own flex space offering. The transfer provides the necessary scale for CBRE to answer to the growing demand for flex space with a first class operator, Andrew Kupiec, CEO of Hana, tells GlobeSt.com. When the transaction closes, the 10 existing Hana locations in the US and UK will be operated by Industrious.
The company declined to provide a full valuation of the deal.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
