WeWork is partnering with Cushman & Wakefield ahead of the co-working company’s merger deal with special purpose acquisition company (SPAC) BowX Acquisition.
The real estate services giant will market WeWork’s management experience platform to both landlords and businesses and plans to invest $150 million in the partnership to help build on demand for flexible workspaces.
The partnership is intended to provide clients with best-in-class office operations by combining WeWork’s proprietary platform of workplace experience management software and hospitality experience with Cushman & Wakefield’s asset and facilities management services.
Together, WeWork and Cushman & Wakefield will work to unlock opportunities 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 where flexibility remains at the forefront.
In addition, Cushman & Wakefield, WeWork and BowX Acquisition Corp are in discussions regarding a potential transaction where Cushman & Wakefield would provide up to $150 million in a non-dilutive backstop equity facility on mutually agreeable terms.
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, said, “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.”
The partnership follows news that CBRE has acquired a 35 percent stake in flexible office operator Industrious and Newmark is buying bankrupt Knotel.