FMJ Facilities Management magazine providing industry-specific intelligence to FM and property professionals
Flexible space provider, WeWork, and real estate services firm, Cushman & Wakefield, have entered into an exclusive strategic partnership to deliver an innovative flexible space operating platform for landlords and businesses.
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.
Both companies will work together 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”.
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, commented: “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.”
In addition, Cushman & Wakefield, WeWork and BowX Acquisition Corp are in discussions regarding a potential transaction where Cushman & Wakefield would provide up to $150,000,000.00 in a non-dilutive backstop equity facility on mutually agreeable terms.
(Note: The Facility would be subject to required approvals and the expiration or termination of any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The material terms of the partnership are non-binding and subject to finalisation of definitive documentation.)
