Cushman & Wakefield has launched an exclusive strategic partnership with WeWork.
The deal will give Cushman the right to market to both landlords and businesses on WeWork’s management experience platform and on new jointly developed platforms.
The partnership will combine WeWork’s proprietary platform of workplace experience management software and hospitality experience with Cushman & Wakefield’s asset and facilities management services.
The aim is to provide landlords and businesses with the ability to create “a differentiated workplace experience” for tenants and employees, fit for the “new hybrid world of work”. Although details are unclear at this point, the platform will focus on tenants’ increasing need for greater flexibility.
In addition, Cushman & Wakefield is in discussions with WeWork and BowX Acquisition Corp to provide a $150m (£108m) backstop equity facility.
Sandeep Mathrani, chief executive 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 and CEO Brett White said: “With flexible workspaces being an important component of the hybrid workplace, we are 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.”
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