Hudson Bay Co., owner and operator of department stores in the US and Canada including Saks Fifth Avenue and the Hudson's Bay chain, is partnering with private-equity firm Ares Management to acquire a $500M majority stake in Convene, which specializes in furnished and flexible office space.
Convene, which debuted in New York City in 2009 as a manager of event space, meeting space and catering for office buildings, has emerged as a player in co-working spaces that offer amenities.
HBC said it plans to install more Convene operations in office towers. The company, which owns all of the space vacated by bankrupt Lord & Taylor outlets, also said it will convert most of its empty stores into furnished flex office space, according to a report in The Wall Street Journal.
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