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CBRE completed its acquisition of the remaining 60% of coworking company Industrious on January 16, 2025, bringing its ownership to 100%. The approximately $800 million figure was the implied enterprise valuation in CBRE’s January 14 announcement—not the cash CBRE paid at closing. The announcement put the price for the remaining stake at approximately $400 million; CBRE later reported total closing consideration of $843 million under a separate accounting measure.
What did CBRE pay for Industrious?
CBRE’s January 14, 2025 announcement said it would acquire the remaining equity in Industrious for approximately $400 million. CBRE said that amount reflected an implied enterprise valuation of approximately $800 million. The $400 million was the announced amount for the remaining stake; $800 million was the implied enterprise valuation, not a cash purchase price for the whole company. CBRE’s announcement described the proposed transaction and valuation.
CBRE’s 2025 annual report later recorded $843 million in total consideration transferred at closing. That accounting total is distinct from the announcement’s approximately $400 million stake price and $800 million implied enterprise valuation. It included the value of CBRE’s existing investment as well as other components. CBRE’s 2025 Form 10-K provides the closing details.
How the $843 million closing total was made up
| Component | Reported amount | What it represents |
|---|---|---|
| Cash | $369 million | Cash consideration at closing. |
| Existing equity-method investment | $373 million | Fair value of CBRE’s investment already held before acquiring the remainder. |
| Note receivable | $50 million | Forgiveness of a note receivable. |
| Other consideration | $51 million | Other consideration reported in CBRE’s closing accounting. |
| Total | $843 million | Total consideration transferred at closing, as reported in CBRE’s 2025 annual report. |
Did CBRE already own part of Industrious?
Yes. Before the transaction, CBRE said it held an approximately 40% equity interest in Industrious and a $100 million convertible note. The company’s 2025 annual report says CBRE acquired the remaining 60% and consequently reached 100% ownership. The note and prior equity interest are part of why the announced stake amount and the later total consideration figure should not be treated as the same measure.
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When did the acquisition close?
CBRE announced the agreement on January 14, 2025. Its 2025 Form 10-K says the acquisition of the remaining interest closed on January 16, 2025. The announcement date and closing date are two different milestones.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What changed for CBRE and Industrious?
CBRE said the transaction was part of creating its Building Operations & Experience (BOE) segment, bringing together building operations, workplace experience, and property management. The announcement said BOE would include Industrious alongside CBRE’s facilities-management and property-management businesses; the annual report confirms Industrious is part of BOE. This describes CBRE’s stated organizational rationale, not proof that the anticipated benefits have been achieved.
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At the time of its announcement, CBRE described Industrious as operating more than 200 units across over 65 cities and said its revenue had grown at a compound annual rate of more than 50% since 2021. Those are company-reported figures in the January 2025 announcement, not independently established measures in the cited materials.
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