Industrious sells spare-office-space platform to CRE brokerage

Tech-focused SquareFoot, led by Jonathan Wasserstrum, purchased PivotDesk

National /
Feb.February 19, 2019 05:15 PM

Jamie Hodari and Jonathan Wasserstrum

Flexible office space firm Industrious has sold a commercial subletting platform it acquired two years ago as part of its early expansion plan.

PivotDesk, an online service that allows companies to advertise free space in their offices to small firms or freelancers, was sold in recent months to SquareFoot, a Manhattan-based startup that provides commercial real estate listings and an online brokerage service, the buyer announced Tuesday.

The intermediary space between office tenants and co-working firms, which PivotDesk fills, is growing rapidly, and so far firms such as Hubble, which is backed by JLL Spark; and LiquidSpace, have each grown with successful fundraising.

Industrious’ initially purchased PivotDesk in 2017, to expand its business outside the traditional offerings of flexible office space, but decided to sell when it was approached by SquareFoot. Neither party disclosed the price of the sale.

“PivotDesk wasn’t really central to the strategic priorities of the company,” said Jamie Hodari, Industrious’ chief executive. “So when we got an offer we liked, it made sense to find a home that was a tighter fit for what PivotDesk wanted to accomplish.”

The acquisition will bolster the ranks of SquareFoot’s product, which has raised $13.4 million since it launched in 2013. The firm’s chief executive, Jonathan Wasserstrum, said the acquisition would further establish the firm as a “one-stop shop for all small- and medium-business office space needs.”


Related Articles

arrow_forward_ios
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
RXR Realty's Scott Rechler with 75 Rockefeller Plaza (Getty, David Shankbone/Wikimedia)
RXR Realty serves American Girl with a lawsuit
RXR Realty serves American Girl with a lawsuit
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
U.S. District Court Judge Dabney Friedrich (Senate/Chris Coons, iStock)
Judge strikes down federal eviction ban
Judge strikes down federal eviction ban
Sen. Brian Kavanagh and RSA President Joe Strasburg (Getty, Strasburg via Jeffersons Siegel)
Rent relief hinges on dwindling goodwill
Rent relief hinges on dwindling goodwill
Colliers International CEO Jay Hennick (Colliers, iStock)
Colliers’ acquisitions help boost company’s Q1 revenue
Colliers’ acquisitions help boost company’s Q1 revenue
arrow_forward_ios

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

Loading...