Rentberry, an operator of a property rental and management platform based in San Francisco, has unveiled plans to explore the acquisition of WeWork, the NY-based flexible workspace provider that recently filed for Chapter 11 bankruptcy.
Rentberry says the move is backed by key venture capital funds, including Berkeley Hills Capital, and wants to combine WeWork’s coworking spaces with Rentberry’s innovative Flexible Living concept.
WeWork was once valued as much as $40 billion and received billions of dollars in investment from Japan’s Softbank Corp. But the pandemic and declining office use along with a glut of space led to its collapse and bankruptcy last year.
Rentberry feels that the global workforce is increasingly seeking flexibility in their professional and personal habitats. WeWork’s infrastructure and community-oriented model will complement Rentberry’s Flexible Living concept, which combines innovative technology with real estate to offer tenants the ability to rent furnished properties without security deposits for mid-term durations of 1 month to 1 year, globally. This potential merger promises to create immense synergy that redefines the landscape of coworking and co-living spaces.
“We are on the cusp of a revolution in how people work and live, demanding unprecedented flexibility,” said the Rentberry CEO. “By aligning WeWork’s expansive coworking ecosystem with our Flexible Living concept, we aim to create a global network of spaces that support a dynamic, mobile lifestyle, catering to the needs of today’s professionals.”
The combination of Rentberry’s technology and innovative approach to property management with WeWork’s global presence and coworking model has the potential to set new standards for flexibility, convenience, and community engagement in the industry.
“Imagine a world where you can move seamlessly between living and working spaces tailored to your needs, location, and schedule. This is the vision we are working towards, and WeWork’s assets and ethos align perfectly with this goal,” added the Rentberry CEO. “Our combined efforts could significantly enhance the value we offer to individuals and businesses alike, making flexible living and working the norm rather than the exception.”
In this process, Rentberry has partnered with leading VC funds, including Berkeley Hills Capital, and is represented by Dentons LLP. The company is collaborating with WeWork’s advisors, PJT Partners, to submit the acquisition offer during the week of February 19th.
