Industrious Buys Coworking Firm TechSpace In Latest Acquisition
The consolidation of the coworking industry took another step forward Thursday.
Industrious is expanding its reach by acquiring TechSpace, a flexible workspace provider that will add seven new locations to its portfolio. The sale price was not made public, and the acquisition, announced in a morning press release, brings TechSpace locations in California, Texas, Virginia and New York under the Industrious umbrella.
“Acquiring TechSpace was a strategic move for Industrious,” Industrious CEO Jamie Hodari said in a release. “It’s a high-performing flexible workspace provider that allows us to quickly and strategically expand our portfolio in key markets."
Last year, Industrious bought Chicago-based coworking company Assemble. The firm now has 65 locations in 40 cities across the country.
In August, it inked a deal with shopping center real estate investment trust Macerich, which will involve opening several Industrious locations within Macerich properties. In June, it formed a management agreement with Blackstone’s EQ Office to bring collaborative workspaces to the Howard Hughes Center in West Los Angeles.
"Consolidation is going to accelerate as our industry matures, and Industrious will continue to evaluate additional opportunities as they arise," Hodari said.