Industrious Eyes IPO
Several news sources reported this week that flexible workspace provider Industrious “is taking steps toward an initial public offering, which could come as soon as next spring.” The flexible workspace company has reportedly interviewed investment banks ahead of a potential listing in 2021. According to sources, “Industrious is expected to be worth well over $500 million in any listing.” The company also added Mary Hogan Preusse as its first female board member.
WeWork Loses Major Corporate Tenant
Bisnow reported this week that “a major corporate tenant is pulling out of a lease with WeWork at its location near Union Square in a building owned by ousted CEO Adam Neumann.” According to reports, IBM is leaving 70,000 square feet of space it leases from WeWork at 88 University Place. IBM is expected to vacate after the summer ends. Furthermore, the building’s listing broker confirmed this week that the property is now for sale.
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IWG Prepares to Acquire Rivals
International Workplace Group (IWG) has reportedly “raised around £320 million to acquire struggling rivals and empty sites from landlords.” IWG is betting that social distancing rules will likely drive demand for flexible office space.
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