Industrious sells spare-office-space platform to CRE brokerage

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

TRD 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
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
A rendering of the Climate Solutions Center with Trust for Governors Island CEO Clare Newman and Mayor de Blasio (Rendering via WXY architecture + urban design/bloomimages; Governor's Island; Getty)

Going green: Governors Island could soon house climate center

Going green: Governors Island could soon house climate center
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
Greystone Development CEO Thomas Ryan and an image of the project (Courtesy of James Hooker, Greystone)

Greystone eyes $40M-plus for Park Slope luxury apartments

Greystone eyes $40M-plus for Park Slope luxury apartments
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
Ed Adler and Wendy Silverstein (Getty)

Wendy Silverstein, Ed Adler launch loan restructuring biz

Wendy Silverstein, Ed Adler launch loan restructuring biz
Jamie Dimon and 383 Madison Avenue (Getty, Google Maps)

JPMorgan suffers setback in return to office

JPMorgan suffers setback in return to office
arrow_forward_ios

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

Loading...