Tuesday, May 28

WeWork Announces Acquisition of Common Desk

NEW YORK, Jan25th,2021– WeWork Inc. (NYSE: WE) and Common Desk announced that the companies have signed a definitive agreement under which WeWork will acquire Common Desk, a premier flexible workspace provider based in Dallas, Texas. The transaction is WeWork’s latest step in executing on a path towards cost-efficient, strategic growth.

Founded in 2012, 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.

As a result, Common Desk has established itself as one of the country’s premier boutique flex space providers, with a strong local brand known for its beautifully designed spaces and exceptional member experience. Core to both WeWork and Common Desk is a mission centered around creating meaningful communities through member-focused hospitality and the acquisition is expected to enable both brands in expanding best-in-class flex space across markets.

The acquisition is subject to closing conditions and is expected to close in March, at which point Common Desk will operate under the name “Common Desk, a WeWork Company”.

Sandeep Mathrani, CEO at WeWork, said, “With an eye towards partners most aligned with our priorities, Common Desk presented itself as a sophisticated operator with a compelling approach to providing a top notch member experience without sacrificing strong margins or an exceptional product. On the heels of a strong year for our business, Common Desk’s operational expertise and portfolio of first-class space will further bolster our value proposition as we focus on strategic growth.”

Nick Clark, CEO at Common Desk, said, “Similar to WeWork, Common Desk is a company built on the concept of bringing people together to have their best day at work. 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.”