(Reuters) - Real estate services company Cushman & Wakefield (NYSE:CWK) said on Friday it had invested $150 million in WeWork Inc, days after the office-sharing firm started trading on the New York Stock Exchange following a merger with a blank-check company.
The investment comes months after the two companies announced a partnership https://ir.cushmanwakefield.com/news/press-release-details/2021/WeWork-and-Cushman--Wakefield-Form-Exclusive-Strategic-Partnership-to-Deliver-Innovative-Flexible-Space-Operating-Platform/default.aspx to help expand the suite of WeWork's offerings.
As part of the investment, Cushman & Wakefield's Chief Investment Officer Nathaniel Robinson will join WeWork's board as an observer.
Backed by Japanese investment giant SoftBank Group Corp and once considered a prized bet for the conglomerate's chief Masayoshi Son, WeWork saw a plunge in its valuation due to concerns over its corporate governance and heavy losses.
WeWork struck a $9 billion deal in March with BowX Acquistion Corp, a special purpose acquisition company, to take it public, nearly two years after a failed attempt at an initial public offering.