Georgia-based coworking company Thrive is planning a massive expansion thanks to a new cash infusion.
Real estate investment firm 33 Degrees announced Tuesday it is making a significant investment in Thrive, allowing the coworking company to expand to 500 locations in the United States and Canada.
A spokesperson has not responded to requests for additional details on the deal.
Quinn Palomino, board chairman of 33 Degrees, said the firm is investing in Thrive because of its community-focused mission.
“We support the standard THRIVE is setting in the hybrid coworking space," Palomino said in a statement. "THRIVE creates not just a cool place to work but a community atmosphere to foster collaboration, an activities-focused lifestyle, a local economic engine and a way to give back with the Thrive Initiative.”
The new partners said the coworking sector could reach 30% of all U.S. office space by 2030, and Thrive is looking to capitalize on that demand by providing spaces in walkable, downtown areas.
Thrive currently operates three Georgia locations in Alpharetta, Milton and Canton, and it has several additional locations planned in Georgia, North Carolina and South Carolina.
33 Degrees currently manages 3.5M SF in properties across the U.S. and Canada, with $987M assets under management. It was formed last year through a joint venture between Hotel Equities and Virtua Partners, an affiliated private equity group.
Thrive operates with an affiliated nonprofit that partners with local retailers to give members discounts on goods and services. It is also planning to launch a micro-donation app later this year.
"THRIVE works with individuals and enterprises to create hybrid work locations with all the amenities, convenience and culture employee’s desire," Ramon Gonzalez, founder of Thrive, said in a statement. "It’s a powerful antidote to the Great Resignation.”
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