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WeWork parent to acquire Spacious

WeWork Cos. Inc.'s parent company, The We Co., said it is acquiring on-demand workspace provider Spacious Technologies Inc.

Spacious partners with landlords to create a network of drop-in workplaces at the landlords' street-level real estate, with offerings ranging from day-passes to annual memberships, according to a release from The We Co.

According to TechCrunch, Spacious seeks to create coworking spaces from abandoned retail stores and restaurants that stay empty during the day.

The company was co-founded in 2016 by CEO Preston Pesek.

The consolidation comes as WeWork readies for an IPO.