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Dallas-based flexible workspace operator Common Desk has announced that it will be acquired by WeWork.
The deal is expected to close in March, and if all goes as planned, Common Desk will operate under the name “Common Desk, a WeWork Company.”
This marks WeWork’s first acquisition since Adam Neumann stepped down as CEO over two years ago.
Common Desk, which currently has 23 locations across 13 cities in North Carolina and Texas, mostly operates through landlord management agreements that allow both the operator and the building owner to minimize risk. Of its current locations, 19 operate with management agreements.
“Similar to WeWork, Common Desk is a company built on the concept of bringing people together to have their best day at work,” said Nick Clark, CEO of Common Desk. “With the added support from WeWork, Common Desk will be able to not only leverage WeWork’s decade of experience in member services to improve the experience of our own members but also leverage WeWork’s impressive client roster to further build out our member base.”
WeWork claims that this acquisition will help it in its path to finally becoming profitable. In recent years, the company shed many of its acquisitions and stakes into other companies to eliminate unnecessary baggage.
In its December 2021 sales results, WeWork reported consistent growth due to growing demand for flexible offices.
However, the company also saw a net loss of $802 million during the third quarter of 2021, indicating that the operator may not be out of the woods and on the path to profitability as it is trying to present.
