Office startup Convene raises $68M from likes of Brookfield, Durst

Series C round brings total funding to $119M

New York /
May.May 01, 2017 05:45 PM

Convene, which manages common spaces and amenities for office landlords, raised $68 million in a Series C round led by Brookfield Property Partners, bringing its total venture funding to $119.2 million.

Durst Organization also invested in the round, along with Conversion Venture Capital, ArrowMark Partners and Elysium Capital Management.

Founded in 2009, Convene hopes to become to office space what hotel flags are to hospitality. “We are helping landlords run an office building like a full-service lifestyle hotel,” co-founder Ryan Simonetti told Fortune. “It’s the Starwood-ification of real estate.”

Brookfield led Convene’s $20 million Series B round last May.

The Real Deal’s “The Long View” column recently broke down how startups are trying to bring the hotel flag concept into the office market. WeWork, for example, recently signed a deal to lease an entire Manhattan location to IBM and is expanding its enterprise services division.  [Fortune]Konrad Putzier 


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Triangle Equities' Lester Petracca with 533 Main Street (Triangle Equities, Getty)
Record East Orange project lands $317M financing
Record East Orange project lands $317M financing
From left: Trinity Place Holdings’ Matthew Messinger and Macquarie Group’s Shemara Wikramanayake along with 77 Greenwich Street (Getty, Trinity Place Holdings, Macquarie Group, Google Maps)
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Estate Partners' David Aviram, FIA Capital Partners' David Goldwasser and Steve Croman (LinkedIn, Google Maps, Getty)
Steve Croman: I was duped by predatory lender
Steve Croman: I was duped by predatory lender
Ivanhoé’s Nathalie Palladitcheff, Cohabs’ Youri Dauber and James Grasso with Cohabs NYC co-living spaces (Cohabs, LinkedIn, Twitter/@ydauber, Ivanhoe Cambridge)
Co-living firm Cohabs raises $450M to continue expansion
Co-living firm Cohabs raises $450M to continue expansion
Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...