Yardi Acquires Coworking Firms Deskpass and Hubble
By Isabelle Durso January 15, 2025 5:14 pm
reprintsIn what’s turning out to be a busy week for the coworking industry, real estate tech company Yardi has acquired flexible workspace platforms Deskpass and Hubble for an undisclosed sum, Yardi announced Wednesday.
The New York City-based Deskpass is a booking platform that allows individuals and clients to instantly book meeting rooms and private offices, while the U.K.-based Hubble allows individuals to reserve workspaces both on demand or through a flexible contract, according to Yardi’s announcement.
“We are excited to build a global infrastructure to connect office users with space from the best office owners and coworking operators,” Robert Teel, president of Yardi, said in a statement. “The Deskpass and Hubble teams bring a wealth of customer and industry knowledge about flexible marketplaces to help us service this evolving customer need.”
A spokesperson for Yardi did not immediately respond to a request for further comment.
This isn’t the first time Yardi has acquired a coworking firm. Last year, the software firm bought the troubled coworking giant WeWork (WE) for $337 million once it emerged from bankruptcy, as Commercial Observer previously reported. John Santora, formerly of Cushman & Wakefield, was named the new CEO of WeWork after it exited Chapter 11.
Now Yardi, which has been a service provider for 40 years, will take over Deskpass and Hubble as well.
“Joining the Yardi family is a monumental step forward for Deskpass,” Deskpass CEO Sam Rosen said in a statement. “Yardi’s vision for the future of our industry, paired with their global reach and deep relationships within the real estate industry, provides the perfect platform to supercharge our mission of offering businesses and individuals access to high-quality, flexible workspace solutions, anytime and anywhere.”
Hubble CEO Tushar Agarwal also said in a statement that his firm is “incredibly excited” to join Yardi, as its vision is to “enable businesses to find workspace solutions that are accessible and adaptable.”
Plus, Yardi’s own platform, CoworkingCafe, has more than 21,000 locations listed and offers operators a “seamless integration” with Yardi Kube’s space management platform, which supports membership management and accounting, the statement said.
The news of the acquisition comes in the wake of CBRE’s major deal to fully acquire coworking firm Industrious earlier this week.
CBRE already owned 40 percent of Industrious and bought the remaining 60 percent for approximately $400 million. CBRE announced it would create a new business segment called Building Operations & Experience as part of the deal, as CO reported.
Industrious, which operates more than 200 coworking spaces in over 65 cities worldwide, slowly built itself up in the coworking world as others, like WeWork, fell short. In fact, Industrious even took over WeWork’s former headquarters last year.
Isabelle Durso can be reached at idurso@commercialobserver.com.