Dallas-based Common Desk has a new boss: The coworking company was acquired by WeWork Inc., itself a flexible workspace provider founded in New York in 2010.
In a statement, Common Desk CEO Nick Clark notes that the two concepts are similar, stating that “with additional support from WeWork, Common Desk will not only be able to leverage WeWork’s decade of experience in to members to enhance our own member experience, but also leverage WeWork’s impressive client list to further grow our member base. »
Common Desk was founded in 2012, the same year as CultureMap Dallas, and in fact, CultureMap Dallas had its offices at its original location in Deep Ellum. The company now has 23 locations in 13 cities in Texas and North Carolina.
One of their unique characteristics, and one that made them an attractive acquisition for WeWork, is the way they achieved “disciplined growth” by entering into management agreements with owners, allowing them to achieve strong margins by minimizing capital expenditure. In Common Desk’s existing portfolio, 19 of the 23 sites are operated under management agreements.
Common Desk is also known for its beautifully designed spaces and positive member experience. Their coworking spaces are home to freelancers, small businesses, businesses, and corporations. Their portfolio also includes Fiction Coffee.
The release notes that WeWork and Common Desk share a mission centered on building meaningful communities through member-driven hospitality.
The acquisition is expected to close in March, when Common Desk will operate as “Common Desk, a WeWork Company.” Gee that’s a mouthful. What are the initials for this? CDWWC. Hmm.
WeWork CEO Sandeep Mathrani said in a statement that they had an eye on the partners most aligned with our priorities, and that “Common Desk presented itself as a sophisticated operator with a compelling approach to delivering a blue chip member without sacrificing strong margins or product.”
They also expect Common Desk’s first-class operational expertise and space to help them achieve strategic growth.