IWG has reportedly hired Eastdil Secured to sell its Spaces brand, in a bid to find a buyer that wants to take on WeWork, according to Bloomberg. The company is looking for an investor who can help it expand into the San Francisco market, where there are more than 100 companies with spaces and offices under their belts. In November, CEO Mark Dixon said the company would review what to do with Spaces if the evaluation concluded that Spaces was worth more as a separate business. Both IWG and Eastdil declined to comment on the news.
IWG has reportedly hired Eastdil Secured to sell its Spaces brand, in a bid to find a buyer that wants to take on WeWork, according to Bloomberg. The move follows a series of unsuccessful bids for IWG in 2018, which prompted the company to investigate whether it’s more modern co-working brand would achieve a higher valuation as a stand-alone business. In November, CEO Mark Dixon said the company would review what to do with Spaces if the evaluation concluded that Spaces was worth more as a separate business. Both IWG and Eastdil declined to comment on the news.