Convene Plans to Add More than 1 Million SF in New Space by Late 2019

Shared workspace provider Convene plans to more than triple its current footprint over the next two years, adding more than 1 million square feet in new space.

The New York-based company, known for its emphasis on landlord partnerships, operates 19 locations for a total of 560,000 square feet. By the end of 2018 it expects to have 23 locations spanning 700,000 square feet, and it plans to have 1.7 million square feet in 10 cities a year later, Chief Executive Ryan Simonetti and Chief Innovation Officer Chris Kelly told CoStar.

Aside from Chicago and London, Convene will seek to add three to four new markets and keep expanding where it's already established: Boston, Los Angeles, New York, Philadelphia and Washington, D.C.

The moves reflect the rising demand for shared workspaces as companies such as WeWork expand across the country. Convene just completed $152 million in funding as part of a Series D round led by asset manager ArrowMark Partners, raising $260 million since its initial round in 2009. Convene's backers include Declaration Capital, QuadReal Property Group, Revolution Growth, RXR Realty, Brookfield, CVC2, The Durst Organization and Elysium Management.