WeWork is getting into office design, helping clients such as UBS make their workplaces “more convivial.” The coworking giant is attempting to pivot away from expensive, long-term leases — and “justify a valuation of $20 billion” — with its new Powered by We unit, which currently has 30 customers and made $13.7 million in revenue last year, per Bloomberg.
WeWork needs new sources of revenue -- without additional long-term leases -- to justify its $20 billion valuation and to expand more quickly than its co-working competitors around the globe. So it's growing its Powered by We business, where it manages office redesigns for companies that already own or lease their offices. In its biggest deal yet, for UBS's New Jersey offices, WeWork pushed for a vision that involves a juice bar, a meditation room, and a lot more greenery.
Big step for WeWork's Powered by We business!
Really exciting times with our new Powered by We product. Leveraging our data driven design and secret sauce, we're designing, building and operating our customers' own office space to activate the environment and attract and engage the best talent, while reflecting their unique culture, values and brand. Reach out to me to learn more
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WeWork can help enterprises create an amazing place to work. A place that fosters collaboration and innovation. If your company needs to redesign your offices, talk to me about #poweredbywe https://lnkd.in/d-iRPih
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WeWork Will Renovate UBS Office in Its Biggest Design Deal KABOOM!..