CBRE has struck a deal to buy a full stake in co-working space firm Industrious National Management Company, LLC in a move that will include the formation of a new unit.
Before acquiring 100 percent control, CBRE owned 40 percent of Industrious and a $100 million convertible note. Now, the Dallas-based firm is acquiring the remaining 60 percent for roughly $400 million, bringing the implied enterprise valuation of Industrious to about $800 million.
With the deal, CBRE said it will create a segment called building operations & experience (BOE), which will be headed by Jamie Hodari, co-founder and CEO of Industrious. Plus, Hodari will assume the role of chief commercial officer for CBRE, which will consist of carrying out marketing and branding activities for the new controlling company.
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