US: CBRE has become the majority shareholder of New York coworking company Industrious, buying a 35 per cent stake in a $200 million (£142 million) deal.
It plans to acquire an additional five per cent in the coming weeks to bring its ownership of the company up to 40 per cent.
CBRE’s flexible-space solutions offering Hana will be merged with Industrious while CBRE president and chief executive Bob Sulentic and global chief investment officer Emma Giamartino, will join the Industrious board of directors.
Sulentic said: “Our investment in Industrious is consistent with our view that flexible office space is playing an increasingly central role in companies’ occupancy strategies and aligns us with an exceptional operator and an outstanding leadership team that is executing a great strategy. We have been building our Hana flex-space business expressly to meet the flex-space opportunity and Industrious now enables us to capitalise on it at scale with a portfolio of well-situated units in key markets.”
