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The Power 100: #84 Brendan Wallace and Brad Greiwe

Commercial Observer
7/30/2020

It’s been a roller-coaster of a year for proptech with a new wave of unicorns, WeWork’s implosion, and a global pandemic. And Brendan Wallace and Brad Greiwe, the co-founders and managing partners of Fifth Wall Ventures, have been at the forefront of it. In the last 12 months, the Los Angeles-based venture capital firm raised $503 million for its second general fund to invest in proptech companies; a $100 million retail fund for digitally native retail brands, and a $200 million decarbonization …

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Insight into the lives, and book collections, of our leaders is a powerful force

Estates Gazette
7/30/2020

I’m not sure if it is the fact that many of them are calling in from the familiar comfort of their own homes or whether the camaraderie that comes from fighting a common battle has given people more confidence to speak from the heart, but the result is the same either way. CREtech and Future PropTech’s Reimagining Real Estate event is about so much more than a series of discussions on the future of the market.

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essensys introduces Smart Access

PlaceTech.
7/29/2020

The leading global provider of mission-critical software-as-a-service platforms and on-demand technology to the flexible workspace industry, announces the launch of Smart Access. In a flexible office portfolio, space access is a common pain point for operators and their members. Administering entry for hundreds, even thousands of end-users, across multiple locations, private offices and meeting rooms can be complex and challenging, making the management of workplace access time-consuming and fru…

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As Companies Decline To Renew Office Leases, One Flex Workspace Company Sees Business Double

Bisnow
7/29/2020

As WeWork fights to retain tenants around the world in what some are calling a vacancy crisis, other companies in the flexible office space industry see mixed results. Convene began to reopen its offices in late June, but with most clients’ average Convene lease lasting 18 months, companies are hesitant to recommit. CEO Ryan Simonetti told Bisnow in June he hoped for 25% to 50% occupancy at best by the end of 2020. Knotel, which let go of half its staff this year while Q2 revenue fell 20%, just …

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Another Covid-19 Problem for Companies: All This Working From Home Isn’t Cheap

Wall Street Journal
7/29/2020

The pandemic has made business more dependent on cloud-computing than ever—and companies are now racing to rein in the soaring costs. Cloud spending at Audi Business Innovation GmbH, a unit of Volkswagen AG -owned car maker Audi, jumped 12% between March and April, with employees using more of the rented, remote computing power and software tools to work from home. But with car sales plunging, companywide budgets were under pressure….

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Knotel Landlords Sue For Rent

The Real Deal
7/29/2020

When it rains, it pours. These aren’t the drops that seem to drench New York City nearly every afternoon this summer, but the lawsuits that are piling up against Knotel, claiming the flex-office company is skipping out on rent. Since the beginning of July, at least four landlords have sued Knotel alleging the company owes a total of $1.6 million in unpaid rent, court records show.

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CoStar Earnings Slow Sales

The Real Deal
7/29/2020

CoStar Group’s second-quarter profits slid 4.5 percent to $60 million as it incurred higher operating costs and slower sales during the pandemic. During the quarter, the data giant reported $35 million in net new sales, down from $59 million during the same period last year. But as sales picked up during reopening, CoStar said it notched a record $22 million net new sales in June.

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WeWork Sheds Youthful Image as It Lures Big Companies

Wall Street Journal
7/29/2020

WeWork enjoyed explosive early growth as a refuge for small startups and freelancers. Now, it is ditching that image while trying to revive its business with larger, more-traditional corporate clients. With the new emphasis, WeWork hopes to weather a serious downturn in the office market triggered by the coronavirus. In June, large companies accounted for 65% of its new customers, said Sandeep Mathrani, chief executive of WeWork parent We Co. The second quarter marked the first time that compani…

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Density, a tracker of building users, raises $51M

The Real Deal
7/28/2020

Density, a startup that anonymously tracks how people move through buildings, has raised $51 million from heavy-hitting investors in time to help offices reopen for business. The Series C brings the New York City startup’s total funding to $74 million as companies scramble to keep employees safe at work.

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SoftBank Hits New Highs as Son’s Investing Record Is Reappraised

Bloomberg
7/28/2020

Fueled by buybacks, analyst valuations, earnings expectations and IPOs, SoftBank Group Corp. shares are retracing their way back to heights last seen during the dotcom bubble 20 years ago. SoftBank shares rose 2.3% in Tokyo Tuesday to close at 6,645 yen, the highest since March 2000. The stock is up almost 150% from March.

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