WeWork Acquiring Flexible Workspace Company Common Desk
After a meteoric rise, a failed initial public offering, years of downsizing, a C-suite shakeup and finally a merger with a blank check company, the biggest name in coworking is back in acquisition mode.
The acquisition of Common Desk marks WeWork's first acquisition since Sandeep Mathrani took over as the company’s CEO, according to Bloomberg. WeWork operates more than 800 office and coworking locations worldwide, according to its website.
Mathrani said in a statement that the acquisition of Common Desk represents WeWork’s commitment to growing its portfolio.
“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,” he said.
Since launching in 2012, Common Desk has opened 23 locations across North Carolina and Texas, including 12 in DFW. All but four of those locations are operated under management agreements, according to the announcement.
Common Desk CEO Nick Clark said in a statement that the decision to fold into WeWork made sense given the companies’ shared values.
“Similar to WeWork, Common Desk is a company built on the concept of bringing people together to have their best day at work,” he said. “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 was the subject of a 2021 Hulu documentary that detailed the rise and fall of its founder, Adam Neumann. Last week, Apple TV+ announced a premiere date of March 18 for WeCrashed, a limited series following Neumann and his wife, Rebekah Neumann, played by Jared Leto and Anne Hathaway.
The Common Desk acquisition is set to finalize in March. Once the deal closes, Common Desk will operate under the name Common Desk, a WeWork Company, according to the release.