search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loanMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loan
Commercial
New York

Brookfield-backed Convene lays off fifth of its workforce

Major shared office space provider slashes staff in wake of pandemic

Convene CEO Ryan Simonetti and Convene's 75 Rockefeller space (Credit: Convene)
Convene CEO Ryan Simonetti and Convene's 75 Rockefeller space (Credit: Convene)

Convene, the shared office-space provider that is backed by the likes of Brookfield Asset Management and RXR Realty, has laid off a fifth of its workforce, or about 150 employees, in response to the slowdown in business brought about by the coronavirus pandemic.

The pandemic “has had a huge impact on the hospitality and meetings and event industries, and Convene has not been immune to that,” Simonetti told Business Insider in a statement. “After closing all of our locations, we have had to take the additional measure of saying goodbye to nearly 20% of our team across the company and furloughing others, while ensuring they receive compensation and healthcare coverage for an extended period.”

Sign Up for the undefined Newsletter

Founded in 2009, Convene has raised $260 million from investors including RXR Realty, the Durst Organization and Brookfield Asset Management. Its New York locations include 75 Rockefeller Plaza, 780 Third Avenue and One Liberty Plaza, and it also has space in Los Angeles, Chicago, Boston, Philadelphia and Washington, D.C. All its locations are currently closed.

Market observers are predicting mass layoffs across the shared office space industry. The Financial Times reported earlier this month that the largest player, WeWork, could see another 1,000 layoffs. [Business Insider] — TRD Staff

Tags
Convene