The re-branded IWG continues to expand in NYC
IWG’s Spaces has signed a 30,716-square-foot lease at 41 Flatbush Avenue in Downtown Brooklyn. The flexible office provider already has 44 locations spread across 1.3 million square feet of office space throughout the five boroughs, according to the CO.
Worth Noting: In February, Brookfield, Onyx, and Starwood Capital abandoned their takeover attempt of IWG (AKA Regus) as Reuters reported at the time.
WeWork Reigns Supreme: Although Regus generates more than double WeWork’s revenue, it’s $2.12 billion market cap pales in comparison to WeWork’s $20 billion valuation.
Quotable: WeWork’s Adam Neumann even admits, “Our valuation and size today are much more based on our energy and spirituality than it is on a multiple of revenue.” Smooth salesman, tough pitch.