BOSTON, MASSACHUSETTS (March 2, 2021) – Unispace, a global leader in workplace strategy, design and construction, today announced that it has finalized a transaction with major multi-national private investment firm PAG for the sale of the company. The move comes after a decade of significant and successful growth for Unispace, triggering an assessment of the company’s value by its shareholders and also attracting the interest of PAG.
Until now, Unispace was privately held. The sale of Unispace shares will see current shareholders leave executive roles in the company. Other senior executives and management, including recently appointed chief executive officer, Steve Quick, will remain with the company in their current roles, with additional non-executives to be appointed by PAG to support Unispace’s ambitious expansion plans.
“Unispace is a growth-focused business, and PAG supports our ambitions and will be a part of the continued and accelerated growth journey. This will position the business for growth right now and for many years to come,” Quick said. “Celebrating this investment on our ten-year anniversary really shows how far this business has come – and quickly. We believe they’re the ideal partner for us as we enter the next phase of business maturity. This move will support us to realize our growth potential through synergies, and by leveraging PAG’s extensive global networks, specifically in key growth markets.”
Unispace is primed for expansion U.S. markets – including New York City, Chicago, San Francisco, Seattle and Boston – and new business areas, and this move is designed to accelerate growth domestically and abroad as owners and tenants continue to transition out of the COVID-19 pandemic. PAG’s extensive global property portfolio and relationships, including its investment in Cushman & Wakefield, will support Unispace’s global growth ambitions. Additionally, the private equity firm holds deep knowledge of Asian real estate markets – a key expansion area for Unispace, particularly China, India, Hong Kong and Singapore.
“At a moment when companies around the world are looking ahead to what the future of workplace means for their business, longer-term business planning means being able to build our teams to prepare for our clients’ needs even further ahead of time,” Quick said. “By strengthening our business with an investment partnership, we will be able to support our global clients with deeper leveraging our integrated approach to strategy, design and construction.”
Since its inception in 2010, Unispace has been revolutionizing the creation of workplaces with an end-to-end approach in office strategy, design and construction markets, growing the business to a global enterprise with more than 600 people and 48 locations in 26 countries. Unispace attracts a blue-chip client list – including several Fortune 100 companies such as Facebook, Coca-Cola and Johnson & Johnson, all of whom are looking for workplace solutions that will transform their business results.
“We are pleased to be partnering with Unispace and we’ve been impressed with their ability to create a leading workplace strategy, design and build company with a unique global footprint. Our investment will facilitate Unispace’s plans for further global expansion and build on an already successful business,” said PAG Chairman and CEO, Weijian Shan.
In 2010, Unispace revolutionized the workplace delivery model with an industry-leading, joined-up approach to strategy, design and delivery. Today, the business continues to meet the pace of change with an agile, end-to-end approach fit for ever-evolving global brands. With 5,500 workplace projects completed, a presence across 26 countries, and 600+ employees worldwide, Unispace creates workplaces powered by collaborative client partnerships, delivered seamlessly across borders, and enabled by industry-leading intelligence and technology.
PAG is one of the world’s largest Asia-focused private investment firms, with a network of 200 seasoned investment professionals in nine key offices around the world. With experience across industries and market cycles, PAG delivers value to investors by seeking out leading companies and investing to help them reach their full potential. The firm invests globally with a primary focus on Asia. PAG currently manages US$40 billion in capital on behalf of more than 150 leading institutional investors from Europe, North America, Asia and the Middle East.