DLA Piper advises US flexible workspace company Industrious on Asia expansion
DLA Piper has advised Industrious, the flexible workspace company backed by CBRE Group, on its acquisition of co-working space operator The Great Room, as part of the company’s plan to expand its footprint internationally.
Founded in New York in 2012, Industrious provides professional and thoughtfully designed workspaces to support companies of all stages and sizes. It now has more than 150 locations across the US, the UK, Europe and Asia. Past and current Industrious customers include Spotify, Salesforce and Cisco Systems. The Great Room has been operating since 2016 and has locations in Singapore, Bangkok and Hong Kong. The company prides itself on delivering a unique design and holistic space in which to gather, create and innovate.
Spurred on by new ways of working since the pandemic, Industrious is also expanding in Europe, having recently acquired Welkin & Meraki, which has locations in Paris, Brussels and the Netherlands. Together, the European and Asian transactions add almost 1 million square feet of existing and near-term pipeline to the company’s network, bringing its total to more than 5 million square feet.
Commenting on the transaction, Susheela Rivers, Partner and Global Co-Chair of DLA Piper’s Real Estate sector said: “This is a very exciting time for Industrious and DLA Piper was delighted to advise on their first significant transaction in Asia. There has been a huge evolution in how and where people work, with many employers embracing flexible working styles. Industrious is in prime position to expand internationally and capitalize on this seismic shift.”
The transaction was led by Singapore-based Corporate Partner Katherine Chew, with assistance from Corporate Associate Karen Lee. In Bangkok, Corporate Partner Samata Masagee provided support, along with Senior Associates Pattadon Tejapaibul and Parama Saovabha, and Associate Sudthapa Thanathanya. Hong Kong based Real Estate Partners Susheela Rivers and Ed Sheremeta, Of Counsel Sally Law, and Associate Alan Sze provided real estate advice. Hong Kong Partner Helen Colquhoun, and Singapore-based Of Counsel David Smail, provided employment advice.