Adam Neumann Will Give up His Seat on WeWork’s Board
Bloomberg (paywall) reported this week that Adam Neumann “would give up his role on the company’s board for at least a year under terms of a legal settlement in advanced discussions.” The agreement hasn’t yet been finalized; however the terms would include the possibility for Neumann to return after a year. The agreement is part of a set of conditions that would end a high-profile legal battle between Neumann and SoftBank, according to sources. The settlement would also include a payout of $50 million from SoftBank to Neumann, as well as an extension of 5 years for a $430 million loan from SoftBank.
CBRE Acquires 35% Ownership of Industrious
CBRE announced this week that it had secured 35% ownership of flexible workspace provider Industrious. CBRE invested $200 million in Industrious, making it Industrious’ largest fundraise to date. As part of the deal, Industrious will take over operations of CBRE’s coworking arm, Hana; CBRE executives will also join the Industrious Board of Directors. CBRE is also expected to increase its stake in the company to 40% in the near future.
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IWG to Take over WeWork Center in Hong Kong
International Workplace Group (IWG) is taking over a previous WeWork center in Hong Kong. Property EU reported that “the 50,000 sq ft-plus premises at The Quayside in Hong Kong’s Kowloon East district is becoming an IWG ‘Signature’ flexible office.” This is the third office space that IWG has taken over WeWork, and the third ‘Signature’ space in Hong Kong. The rebranded flexible space location is slated to open in May 2021.Share this article