Dallas-based real estate services firm CBRE has taken control of co-working firm Industrious — a bet on shared working space as more employees return to

Dallas-based CBRE had previously invested in Industrious—a flexible workspace provider with more than 200 units across over 65 cities—through a roughly 40% equity interest and a $100 million convertible note.

The commercial real estate giant has agreed to buy Industrious in a deal that values the coworking firm at about $800 million.

Before acquiring 100 percent control, CBRE owned 40 percent of Industrious and a $100 million convertible note. Now, the Dallas-based firm is acquiring the remaining 60 percent for roughly $400 million, bringing the implied enterprise valuation of Industrious to about $800 million.

CBRE Group CBRE recently announced a definitive agreement to acquire a leading provider of flexible workplace solutions, Industrious National Management Company, LLC. The deal is scheduled to close later this month.