Simpson Thacher is representing CBRE Group, Inc. in its acquisition of a 35% interest in Industrious, a leading provider of premium flexible workplace solutions in the U.S. CBRE is now Industrious’ largest shareholder. In addition, CBRE is expected to acquire an additional 5% of Industrious in the coming weeks, which would result in a 40% total stake. As part of the transaction, CBRE’s flexible-space solutions offering, Hana, will be merged into Industrious. The consideration includes approximately $200 million in cash and the transfer of Hana.
Industrious’ private offices and suites—the highest-rated workspaces in the industry—provide the most sustainable option for companies to manage newly distributed teams for the long term. Recognized as one of America’s 500 fastest-growing companies in 2020 by Inc. Magazine, Industrious offers flexible terms and locations in more than 50 U.S. markets.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue) and offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services; and development services.
The Simpson Thacher team includes Mark Pflug, Carina Kan and Lucas Fernandez-Rocha (M&A); Tristan Brown and Ashlie Lawton (Executive Compensation and Employee Benefits); Russell Light (Tax); Krista McManus (Real Estate); Lori Lesser and Bobbie Burrows (Intellectual Property and Privacy); Adeeb Fadil (Environmental); and Peter Guryan, Nathaniel Bronstein and Kelly Karapetyan (Antitrust).