WeWork announced on Wednesday that it had successfully acquired subscription and on-demand office services firm Managed by Q, Inc. Silicon Angle reported that the co-working space company had bought the company for a still-undisclosed sum.
Details that emerged were for Managed by Q, which offers a wide range of on-demand services as well as diffferent subscriptions that may be needed in an office. Founded in 2013, the services they offer include cleaning and maintenance to supplying office needs and other services, like wellness.
Dan Teran, co-founder and CEO of Managed by Q, wrote a blog post detailing the company's the incredible range of services being offered by the firm. He said that they're more of a support company that focuses on delivering the optimal workplace environment to the workforce, so that the company could chase after its true purpose. These purposes range from creating self-driving cars, curing the incurable, to healing the planet one segregated trash bin at a time.
WeWork, meanwhile, isn't stopping with just acquiring Manage by Q, Inc. Another part of its services are focused on renting out a space in Manhattan. According to The Real Deal, the Manhattan tenant is leasing a 47,000 sq ft space at 145 West 45th Street.
The company disclosed more details about the lease, which is across five floors of the Times Square building. The said structure is owned by Ab & Sons under Isaac Chetrit. WeWork's chief real estate development officer, Granit Gjonbalaj, said that this lease allowed the company to look out for any medium-sized companies it could acquire.
According to Gjonbalaj, the acquisition only adds to WeWork's presence in Midtown Manhattan. It should also help them accommodate the demands of their clients. With this acquisition, WeWork is officially the largest office tenant in the Manhattan area, after it had announced in September last year that it had acquired 5.3 million sq ft of office space, making them already the largest office tenant in the area at the time.
WeWork's considerable capital came from the $4.4 billion they managed to raise, backed by Japan's Softbank Corp. Since then, it had acquired a growing list of companies. First up was social community platform provider Meetup Inc, followed by Flatiron School, Naked Hub, and Unomy.
Most of these purchases are not connected in any way to WeWork's main business, which is to provide space for co-working individuals and freelancers. The purchase of Managed by Q, however, makes sense as it adds value to the co-working firm's services.
