New State Capital Partners Acquires Vast Coworking Group

A New York-based private equity firm is getting into the coworking industry with its latest purchase.

New State Capital Partners announced its acquisition of Vast Coworking Group from its former parent company, United Franchise Group. Deal terms weren’t disclosed in a press release Tuesday. 

Through its brands Venture X, Office Evolution and Intelligent Office, Vast has more than 200 coworking locations in the U.S. and overseas. Those locations total approximately 2.7M SF and boast around 70,000 members. 

The company uses a franchise model that New State senior principal Daniel Han said has been very successful in the sector...

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RSK: Co-working is still making headway. It does however show that these purchases are for distressed companies and properties. It may not work with major asking prices. Buyers need a bargain to fend off the risk. Final comment, humans need to be interacting with other humans. We don't like to be alone.