HOUSTON — (Realty News Report) – WeWork, a publicly traded coworking firm, has agreed to acquire Texas-based Common Desk.
The combination of the flexible workspace companies will have a significant presence in the Texas office market.
In Houston, WeWork currently has its office-sharing locations in The Woodlands, Galleria Office Tower I and The Jones Building and 609 Main in downtown.
Founded in 2012, Dallas-based Common Desk has expanded its network to serve 4,000 customers at a total of 23 locations across 13 cities in Texas and North Carolina. Over the past decade, Common Desk has achieved disciplined growth through strategic management agreements with landlords that have enabled the company to perform at strong margins by minimizing capital expenditures. Within Common Desk’s existing portfolio, 19 of 23 locations are operated under management agreements.
After the acquisition, Common Desk will operate under the name “Common Desk, a WeWork Company”.
In Houston Common Desk has facilities, open and planned, in the East End, on Post Oak Blvd, in Westchase, POST Houston, City Place and The Ion.
The Ion is Rice Management Company’s new innovation hub in Midtown, where Common Desk leased 58,000 SF – a key space in a innovation district designed to nurture start-up firms and entrepreneurs. “RMC and the Ion team congratulate Common Desk and its leadership on this recent investment news,” Rice Management Company said in a statement. “We have spoken with Common Desk leadership regarding this news and its potential impact to the management agreement at The Ion. We are confident that what is important to the Ion – a focus on start-ups, an alignment of brand and mission, and a commitment from leadership – will not change.”
The WeWork/Common Desk acquisition is expected to close in March,
About a year ago, WeWork, agreed to merge with BowX Acquisition Corp., a special purpose acquisition company, or SPAC, which was a vehicle for taking the WeWork company public. Its shares trade on the New York Stock Exchange.
Jan. 26, 2022 Realty News Report Copyright 2022
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File: WeWork Buying Common Desk