To Keep Pace With Rivals, Industrious Acquires Co-Working Firm

The Real Deal reports that Industrious, a New York-based flexible office firm that partners with landlords on revenue-sharing agreements, acquired TechSpace, a California-based co-working firm with seven locations, in a deal announced Thursday, May 2, 2019. The companies declined to disclose the price, and Industrious said it had no plans to rebrand TechSpace’s locations.

The piece frames the deal as part of a broader consolidation wave in flexible office space, alongside WeWork’s move toward a possible IPO and reports that Knotel was in talks for a $200 million funding round. TechSpace, “which launched in 1997,” was Industrious’s second acquisition after Chicago-based Assemble in August 2018; its seven locations spanned New York (41 East 11th Street, Union Square), California, Texas, and Virginia.

TechSpace had itself acquired Alex Kasper’s Nexspace in 2010, absorbing its Westwood, Los Angeles facility.