WeWork and Cushman & Wakefield Form Exclusive Strategic Partnership to Deliver Innovative Flexible Space Operating Platform

Rhea-AI Summary

WeWork has formed an exclusive strategic partnership with Cushman & Wakefield (NYSE: CWK) to enhance workplace management services for landlords and businesses. This collaboration aims to merge WeWork's platform with Cushman & Wakefield’s asset management expertise, creating tailored solutions for a flexible workplace environment. Additionally, discussions are underway for a potential $150 million non-dilutive equity facility to support future initiatives. This partnership is expected to address the evolving workspace needs shaped by the post-COVID-19 landscape.

Positive

• Strategic partnership enhances service offerings for flexible workspaces.
• Combining WeWork’s management platform with Cushman & Wakefield’s expertise creates a competitive edge.
• Potential $150 million non-dilutive equity facility could strengthen financial position.

Negative

• None.

WeWork, one of the leading global flexible space providers, and Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced they have entered into an exclusive strategic partnership to market both landlords and businesses on WeWork’s management experience platform and on new jointly developed solutions.

The partnership is intended to provide clients with best-in-class office operations by combining WeWork's proprietary platform of workplace experience management software and hospitality experience with Cushman & Wakefield’s industry-leading asset and facilities management services. Together, WeWork and Cushman & Wakefield will work to unlock opportunities to provide landlords and businesses with the ability to create a differentiated workplace experience for tenants and employees in the new hybrid world of work where flexibility remains at the forefront.

In addition, Cushman & Wakefield, WeWork and BowX Acquisition Corp are in discussions regarding a potential transaction where Cushman & Wakefield would provide up to $150,000,000.00 in a non-dilutive backstop equity facility on mutually agreeable terms. (Note: The Facility would be subject to required approvals and the expiration or termination of any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The material terms of the partnership are non-binding and subject to finalization of definitive documentation.)

Sandeep Mathrani, CEO of WeWork, said: “As Covid-19 has fundamentally changed the way people work, businesses and landlords have had to rethink their approach to workspace. Partnering with Cushman & Wakefield will combine WeWork’s industry-leading workplace experience management platform and hospitality-driven Community teams with Cushman’s world class global client and property portfolio to create a solution that helps both landlords and businesses meet the demand for flexible workplaces to fit the changing needs of today’s workforce.”

Cushman & Wakefield Executive Chairman & CEO, Brett White, said, “With flexible workspaces being an important component of the hybrid workplace, we’re excited to partner with WeWork to demonstrate how global occupiers and investors will benefit from the power of two global leaders providing unmatched accessibility to flexible offerings, best-in-class technology and a seamless tenant experience.”

About WeWork

WeWork was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since opening our first location in New York City, we’ve grown into a global flexible space provider committed to delivering technology-driven flexible solutions, inspiring spaces, and unmatched community experiences. Today, we're constantly reimagining how the workplace can help everyone, from freelancers to Fortune 500s, be more motivated, productive, and connected. For more information about WeWork, please visit us at wework.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005488/en/

FAQ

What is the partnership between Cushman & Wakefield and WeWork about?

Cushman & Wakefield and WeWork have formed an exclusive strategic partnership to enhance workplace management services combining their respective strengths.

How much funding is Cushman & Wakefield considering providing?

Cushman & Wakefield is in discussions regarding a potential $150 million non-dilutive equity facility.

What are the goals of the WeWork and Cushman & Wakefield partnership?

The partnership aims to improve office operations and create flexible workplace solutions tailored to changing workforce needs.

What is the significance of the partnership for CWK stock?

The partnership with WeWork could enhance Cushman & Wakefield’s market position, potentially boosting investor confidence in CWK stock.

How does the partnership address new work trends post-COVID-19?

The partnership responds to hybrid work demands by offering tailored, flexible workspace solutions that meet current tenant and employee needs.