Dallas-based Common Desk has a new boss: The co-working company has been 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 the added support from WeWork, Common Desk will be able to not only leverage WeWork's decade of experience in member services to improve the experience of our own members but also leverage WeWork's impressive client roster to further build out our member base."
Common Desk was founded in 2012, same year as CultureMap Dallas, and in fact, CultureMap Dallas used to office at the original location in Deep Ellum. The company now has 23 locations across 13 cities in Texas and North Carolina.
One of their unique traits, and one that made them an appealing acquisition for WeWork, is the way they've achieved "disciplined growth" by forming management agreements with landlords, enabling them to perform at strong margins by minimizing capital expenditures. Within Common Desk's existing portfolio, 19 of 23 locations are operated under management agreements.
Common Desk is also known for its beautifully designed spaces and positive member experience. Their co-working spaces are home to freelancers, small businesses, companies, and enterprise businesses. Their portfolio also includes Fiction Coffee.
The release notes that both WeWork and Common Desk share a mission centered around creating meaningful communities through member-focused hospitality.
The acquisition is expected to close in March, at which point Common Desk will operate under the name "Common Desk, a WeWork Company." Gee that's a mouthful. What are the initials for that? CDWWC. Hmm.
WeWork CEO Sandeep Mathrani says in a statement that they have an eye towards partners most aligned with our priorities, and that "Common Desk presented itself as a sophisticated operator with a compelling approach to providing a top notch member experience without sacrificing strong margins or an exceptional product."
They also expect that Common Desk's operational expertise and first-class space will help them achieve strategic growth.