CBRE CEO Bob Sulentic and Industrious CEO Jamie Hodari (Getty, Industrious/Illustration by Kevin Rebong for The Real Deal)CBRE Group has acquired a 35 percent stake in Industrious ahead of the flex-office provider’s possible 2021 IPO.“We are big believers in the flexible workspace arena and see a tremendous opportunity,” CBRE CEO Bob Sulentic said in an interview with Bloomberg News.The investment makes CBRE the largest shareholder in Industrious, and it’s not done yet: The real estate giant plans to buy another 5 percent stake in the company in the next few weeks, Sulentic said.Dallas-based CBRE paid about $200 million in cash for primary and secondary shares, and is transferring its own flexible workspace brand Hana, which operates 10 locations in the U.S. and U.K., to Industrious as part of the transaction, the companies said.Read moreAs flex-office space contracts, Industrious grows NYC footprintIndustrious partners with landlords to offer tenants satellite workplacesCBRE latest real estate firm to hop on SPAC bandwagon Message* The deal values Industrious at more than $600 million, a person with knowledge of the matter told the publication. Sulentic and Emma Giamartino, CBRE’s global chief investment officer, are joining Industrious’ board.Industrious co-founder and CEO Jamie Hodari said the firm’s focus on customer service and its business model based on management agreements with landlords, rather than traditional leases, have been validated.“It’s partly why we’ve been able to spend the last year planting while others were pruning,” Hodari said.Industrious has told The Real Deal that the company plans to go public later this year or early 2021.The move comes at a time when Industrious’ rivals in the flex-office space have been in retreat. Regus and Knotel recently filed for bankruptcy, with the latter set to be acquired by Newmark Group. WeWork is “rightsizing” its footprint as it looks to achieve profitability and contemplates an IPO sometime this year. [Bloomberg News] — Akiko MatsudaContact Akiko Matsuda Email Address* Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Tags CBRE GroupCo-workingCommercial Real EstateIndustrious
The Wood Brothers delivered a stellar headlining set for their first visit to the Spirit Of The Suwannee since being forced to cancel last year’s Suwannee Roots Revival headlining spot. The trio joined a collection of Roots music legends like Béla Fleck & Abigail Washburn and Peter Rowan, park favorites like the Steep Canyon Rangers, Donna The Buffalo and Rev. Jeff Mosier as well as new comers like River Whyless and Chatham County Line. By the time the sun had set and the eager audience had packed in the area in front of the stage, the excitement for the long delayed show was sky high.Fans concerned about Chris Wood’s health issues that kept the show from proceeding last year were relieved to see him back in fighting form as the insanely talented bassist more than made up for it with his joyous return to the beloved Amphitheater stage. If his artful playing and limber dance moves with partner, the stand-up bass, was an indicator, it is obvious that his recovery was successful.As is their tradition, the show started with multi-instrumentalist Jano Rix out front and center alongside the titular Wood brothers for the first couple of tunes. Rix mixed percussive taps and slaps on an acoustic guitar and even some melodica to help give listeners a truly rich and diverse sound and unique energy to show openers “Just Might Pass” and “Keep Me Around.” Watch the fun begin in the clips below.“Just Might Pass”“Keep Me Around”Up next was a newer tune, “River Takes The Town,” a song played only a few times previously that carries a relevant message about the state of the world. Noting how it was apropos to both the physical devastation of the recent hurricanes and the mental devastation of the contentious political climate, Oliver Wood introduced one of the most moving moments of the evening with the new song, which you can watch below:“River Takes The Town”“Jam”The passing of Col. Bruce Hampton earlier this year stunned all sides of the music community, including The Wood Brothers. Oliver Wood took a few moments to talk about his love for the late Col., who they were scheduled to share the bill with the previous year. Noting that the band would be missing the tribute scheduled for Sunday to be led by the Rev. Jeff Mosier, The Wood Brothers still wanted to pay their respects. Oliver, who had spent much time with the Col. and performed at Hampton 70, seemed to use the inspiration and emotion to give his impressively honest vocals even more emotional weight. You can watch the stunning rendition of “Postcards From Hell” they played in his name below:“Postcards From Hell”After such a moving testimonial, The Wood Brothers decided to close on a cheerful note, delivering another excellent new tune, “Happiness Jones,” before closing the night down with fan favorite “Honey Jar.” The sheer energy from the set closers had the packed crowd dancing in pure jubilation. Chris Wood uses the Wood Brothers to showcase his more straight-forward bass skills but he managed an explosion or two during the final songs that left jaws dropped and minds melted. Watch the fun below:“Happiness Jones>Honey Jar”Attendees of Roots have a long tradition of acknowledging greatness when they see it and the ovation for The Wood Brothers was long and vigorous. For their part, the band seemed truly honored to receive such a warm reception and pleased to have so perfectly made up for their previously scheduled appearance. If the new tracks debuted are any indication they will have good reason to return to this beloved venue very soon to share the rest of what is sure to be a stellar release.
Governor Wolf Orders the Commonwealth Flag at Half-Staff to Honor United States Navy Ensign Sarah Mitchell Flag Order, Press Release Harrisburg, PA – Governor Tom Wolf has ordered the Commonwealth flag at the Capitol Complex and throughout all public buildings and grounds throughout Bucks County to fly at half-staff to honor United States Navy Ensign Sarah Mitchell.“Ensign Mitchell was taken from her family, friends and fellow sailors far too soon and she will be remembered for her service to our country,” Governor Wolf said. “I ask all Pennsylvanians to join me in honoring and remembering Sarah and all of those who have made the ultimate sacrifice.”Ensign Sarah Mitchell passed during training on July 10, 2018. She was from Feasterville, Bucks County.The Commonwealth flag shall be lowered immediately, Tuesday, July 10, 2018, and remain lowered until sunset on the day of interment. All Pennsylvanians are invited to participate in this tribute.The United States flag shall remain at full staff during this tribute. SHARE Email Facebook Twitter July 10, 2018