Steelcase’s $2.2 billion sale to HNI Corp. is reading less like a strategic merger and more like a master class in how richly a CEO, a couple of directors, and two Wall Street banks can get compensated for delivering a company at a bargain price. Most of these details were first surfaced by MLive, which has been steadily peeling back the layers behind this transaction.

 

In a lawsuit filed Nov. 18 in Kent County Circuit Court, longtime shareholder Dean Drulias is asking a judge to block the December 5 shareholder vote, alleging that Steelcase failed to fully disclose what he calls the “questionable economics” and “troubling motivations and conflicts of interest” driving the deal.

 

Front and center in those motivations is outgoing CEO Sara Armbruster’s payout. According to the complaint—as reported by MLive—Armbruster is set to collect more than $24 million in cash the moment the deal closes, plus she’ll be allowed to fully monetize Steelcase equity valued at over $44.8 million. In total, she stands to clear roughly $70 million on a transaction the lawsuit characterizes as a fire sale.

 

Big golden parachutes are hardly unheard of in modern M&A, but Armbruster’s is eyebrow-raising given Steelcase’s stagnant trajectory under current leadership. Compare it to other recent CEO exit packages—like the tens of millions collected by executives after far stronger corporate performances—and it becomes even more conspicuous. This isn’t a CEO leaving after delivering record growth; it’s a CEO cashing out while handing over a historic brand at a discount.

 

And according to the plaintiff, the discount is significant. The $18.30 per-share implied value Steelcase shareholders would receive is well below what JP Morgan—HNI’s own financial adviser—calculated as fair value. JP Morgan’s comparable-transaction analysis reportedly pegged Steelcase at about $29.15 per share, more than $10 higher than what shareholders are being offered. Even MLive highlighted this gap, which underscores the complaint’s central question: why is Steelcase being sold so cheaply?

 

That question resonates throughout the contract-furniture industry. Quietly, many insiders believe HNI is getting a steal—literally. The view is that Steelcase management long prioritized dividend stability for a shareholder base still heavily populated by former Steelcase family members and retired executives, rather than steering the company into needed transformation post-pandemic. The result: a company with an iconic brand, valuable IP, and global presence being offloaded at a discount because leadership couldn’t do much more than keep checks flowing. As one industry veteran put it, “HNI is buying 100 years of brand equity and distribution for pennies on the dollar.”

 

The lawsuit also points out that insiders beyond the CEO stand to benefit. According to MLive, directors Timothy Brown and Linda Williams are set to join HNI’s board after the acquisition—at compensation levels the complaint calls “extremely generous” and significantly higher than what they currently receive. The suit says Brown and Williams were permitted to discuss those roles with HNI while negotiations were still ongoing, raising questions about just how hard they were pushing for maximum value on behalf of existing Steelcase shareholders.

 

Layered on top of that are the incentives for the deal’s advisers, Goldman Sachs and BofA Securities. The lawsuit alleges the process was “tainted” by the fee structures: Goldman stands to receive $33 million and BofA $10.9 million—but only if the deal closes. As MLive reported, that means both banks were financially better off endorsing the acquisition than recommending a renegotiation or walking away altogether. Contingent fees are common in M&A, but the optics here are especially problematic given the already-raised concerns about valuation.

 

Combined, the allegations paint a picture in which the biggest winners of the Steelcase sale are the people and institutions closest to engineering it—Armbruster, certain directors, and the investment banks—while long-term shareholders are being asked to accept a price far below what even the buyer’s own bank suggested was fair. Meanwhile, HNI is widely viewed as getting a once-in-a-generation deal.

 

Steelcase declined to address the specifics when contacted by MLive, saying only that it “remains on track to complete a shareholder vote on December 5 and close the transaction in mid-December.”

 

Unless the court intervenes, that means the deal is moving forward—along with one of the most generous CEO exit packages the Michigan furniture industry has ever seen, and one of the best-priced acquisitions HNI could have hoped for.

DIRTT Announces Board and Leadership Updates

DIRTT Environmental Solutions has announced key leadership updates, appointing Scott Robinson as Executive Chairman of the Board and Adrian Zarate as Chief Transformation Officer, effective November 26, 2025. Robinson, who has been on the Board since April 2022, will oversee the execution of the company's strategic plan and transformation initiatives. Zarate, a member of the Board since July 2025, will collaborate with Robinson to implement financial aspects of the transformation plan while stepping down from his previous roles with 22NW Fund. The company's CEO, Benjamin Urban, highlighted that the transformation process has laid a strong foundation for growth, with a focus on optimizing business processes for long-term success. DIRTT is a leader in industrialized construction, providing flexible interior environments across various sectors.

König + Neurath AG, a well-established German office furniture manufacturer, has filed for self-administration insolvency, impacting its 830 employees. This decision follows a significant downturn in the industry, characterized by postponed purchases and limited new orders, leading to a liquidity crisis. Despite the insolvency, the company plans to continue operations under trustees, focusing on restructuring by streamlining processes and capitalizing on its vertical integration and workforce loyalty. Immediate goals include securing wages for the next three months and arranging future financing, while production and service will remain ongoing, with existing material orders still valid. However, the future of jobs within the company remains uncertain, reflecting broader challenges in Germany's office furniture market.

The U.S. office market is showing signs of recovery, particularly in cities like San Francisco, which reported a 19% year-over-year increase in office visitation in September, surpassing the national average of 13%. Office sale prices also rose by 2.09% month-over-month in October, reflecting a 13.38% year-over-year growth. The office sector has been a key factor in the rebound of commercial real estate transactions in the third quarter, with smaller cities beginning to recover as well. As capital markets stabilize and demand increases, even lower-tier office buildings may see improved income prospects.

Construction starts surged by 21% last month, driven by a series of multibillion-dollar manufacturing and data center projects. Ten projects valued at over $1 billion commenced, including the $7.5 billion Meta Hyperion data center in Louisiana, the $2 billion LA Convention Center expansion, and the $1.7 billion Eli Lilly manufacturing facility in Indiana. Commercial building starts increased by nearly 18%, while nonbuilding starts, including infrastructure projects, rose by 59%. However, residential construction starts fell by more than 15%, primarily due to a significant decline in multifamily construction. Year-to-date, construction starts have risen about 6% compared to the first 10 months of 2024, with commercial starts up nearly 6% and nonbuilding starts increasing almost 20%, while residential starts decreased by 5%.

Low availability of top-tier Manhattan office space and surging demand could lead to the greatest development opportunities in over a decade, landlords said.

The global office desks and chairs market is projected to reach USD 22.3 billion by 2031, growing at a CAGR of 5.5% from 2025. Factors driving this growth include increased demand for ergonomic solutions, rising remote work adoption, and technological advancements. Key players include Herman Miller, Steelcase, Humanscale, and HON. The market is expanding across various sectors, with significant opportunities in the Asia-Pacific region due to urban migration and investment in infrastructure. Challenges include regulatory systems and high capital expenditures.

In an inspiring show of fiscal discipline, the Trump administration is investing a modest $1.75 million to freshen up the Oval Office and the executive suite. That sum, of course, barely buys you a mid-tier Manhattan condo, but in Washington it apparently buys you rugs, tables, and a whole lot of gilded optimism.

 

According to procurement records, taxpayers are helping foot the bill for such essentials as $17,000 custom rugs—because the existing ones were presumably not gold enough—and a $12,800 conference table, presumably designed to withstand both elbows and executive orders. The surrounding offices aren’t being left out either, with new federal employee furniture clocking in at $291,000 and $240,000 on separate purchases. Because nothing boosts public service morale like knowing your chair costs more than your car.

 

The administration’s total furniture spend has now nudged past the figure reached by President Obama in the same time period. Obama spent a paltry $1.5 million, but to be fair, his décor lacked the kind of gold-forward, Liberace-meets-Land’s-End energy that has become the unofficial design language of this era.

 

Sources familiar with the renovations say the guiding aesthetic can be described as “opulent,” “bold,” and “possibly visible from space.” Contractors are under strict confidentiality, but one designer—speaking anonymously for fear of being reassigned to the Eisenhower Executive Office Building—did admit: “At some point you start asking, how much gold leaf can you apply before the room starts looking like a high-end Vegas suite—or something you’d find in the less reputable districts of Baghdad circa 2004?”

 

Whether the finished Oval Office lands closer to luxury hotel, desert palace, or simply “taste optional,” Americans can take comfort in knowing that their tax dollars are being deployed where they matter most: right underneath the Resolute Desk, in the form of a hand-tufted bespoke rug that costs more than a year of college.

 

As for the final look, early visitors have been tight-lipped. But one West Wing staffer was overheard whispering: “It’s… a lot. Let’s just say there’s a fine line between presidential grandeur and thematic nightclub.”

 

In any case, the makeover is nearly complete. And if history is any guide, future administrations may once again inherit a workspace that doubles as a monument—to policy, politics, and the enduring American belief that no office is truly complete until something inside it gleams.

ORGATEC, the biannual international trade fair for the workplace sector, has announced its first central theme, titled From rooms to relationships: designing spaces in an ever-changing world, for the 2026 edition. The event will focus on how human experience influences the design of work environments, emphasizing connection, collaboration, and a sense of belonging. Organizers highlight that rapid social, technological, and environmental changes necessitate adaptable interiors that meet evolving demands. The theme reflects a shift towards prioritizing meaningful human interactions and the importance of flexibility in organizational spaces. The event will serve as a platform for knowledge exchange and product positioning relevant to broader trends in the workplace landscape. Registration for exhibitors is currently open.

Transformation expert Bree Groff emphasizes the importance of incorporating fun into the workplace to enhance creativity, build trust, and improve performance. She argues that people should not only measure their workweeks in productivity but also consider the value of their time spent at work. Groff advocates for a broad understanding of fun, encouraging individuals to seek joy in personal growth, relationships, and quiet moments. Leaders play a vital role in fostering an environment conducive to joy by implementing practices like check-in rituals and "Do Nothing Days" that prioritize deep thinking and collaboration. She stresses that fun is essential for better work, asserting that it should not be viewed as a tradeoff but as a foundation for high performance. Ultimately, the time spent working should be fulfilling and enjoyable.

The office market is adapting to a new post-pandemic normal as hybrid work becomes ingrained, with practices like micro-shifting allowing employees to balance on-site and remote work. Despite more employers enforcing full-time office attendance, only 12.4% of office visits occurred on Fridays from January to October 2025, with peak attendance on Tuesdays, Wednesdays, and Thursdays. The trend varies by city, with Miami and Dallas showing higher Friday attendance compared to Boston and Chicago, where it remains low. Major companies have implemented five-day in-office mandates, but entrenched hybrid habits are proving difficult to change.

A McKinsey report suggests that up to 40% of US jobs could be automated by AI and robotics, particularly in roles involving drafting, information processing, and routine reasoning. While many manual and cognitive tasks are at risk, jobs requiring human qualities like empathy and judgment, especially in healthcare, are less likely to be automated. The report emphasizes the need for redesigning workflows to unlock significant economic value and anticipates a future where humans work alongside AI, focusing on interpretation and decision-making rather than routine tasks.

Aging populations are hindering economic growth in many countries, particularly in emerging Europe, where a decline in working-age individuals is expected to reduce GDP growth significantly. With migration unpopular and AI adoption uncertain, the European Bank for Reconstruction and Development suggests that extending working lives may be the most viable solution. The report highlights the need for political leaders to address demographic trends and emphasizes the urgency for younger voters to understand the implications of these changes on pension systems and economic stability.

The ongoing debate surrounding the return-to-office (RTO) culture highlights a shift in workplace dynamics post-pandemic. Cisco, represented at a recent CoreNet Global Summit, does not enforce a strict RTO policy; instead, it allows teams the flexibility to determine their office attendance based on specific work needs. As Cisco retrofits its offices in San Francisco and other locations, it emphasizes intentional design tailored to each team's requirements. The company’s approach prioritizes employee well-being, sustainability, and hybrid work arrangements, supported by real-time data to inform decisions. Cisco’s offices are designed to foster collaboration, with a focus on modern technology and enhancing employee engagement, reflecting a broader trend in the tech industry towards flexible workplace models.

The rise of IoT in coworking spaces faces challenges such as sensor reliability, high costs, and integration issues. While some operators achieve small successes in energy optimization and desk booking, the promise of fully autonomous smart buildings remains unfulfilled. Improvements in sensor reliability, cost, integration with operations, and member privacy are essential for realizing the potential of IoT in flexible workspaces.

Maximalist design in workplaces emphasizes diversity and individuality, moving away from minimalist uniformity. By layering colors, patterns, and materials, it fosters collaboration and equity, making spaces feel personal and inclusive. Contrast in design symbolizes cultural diversity, while thoughtful curation enhances sustainability and reflects organizational values. This approach not only creates visually engaging environments but also encourages connection and innovation among employees.

Versteel has launched the Rollic collection, a versatile range of mobile furniture solutions designed in collaboration with Henner Jahns of Gecco Vision. The collection includes tables, ottomans, storage units, and partitions, all crafted to adapt to evolving workspaces. Each component features an angled design that allows for easy alignment and interaction, enhancing flexibility in various settings. Key products include a personal-sized table with acoustic support, a dual-purpose ottoman for seating and storage, and mobile storage units that nest with other pieces. The collection is designed for seamless reconfiguration, emphasizing American craftsmanship and ready availability for order.

Samuelson Furniture has launched the Happy Power Recliner, designed for convenience and support, making it ideal for both hospitality and senior living environments. This wall-hugging recliner requires only 6 inches of clearance to fully recline, saving space while providing maximum comfort. The ergonomic design promotes ease of movement, allowing users to enter and exit effortlessly, while offering lumbar and headrest support. The chair's modern aesthetic and quality craftsmanship reflect Samuelson's commitment to enhancing independence and quality of life for users. Founded as a family-owned business, Samuelson Furniture has nearly 90 years of experience in providing high-end furniture solutions for various sectors.

The PIXEL line, designed by architect Didi Lenz, is a versatile modular furniture solution by Bene that resembles milk crates. Each plywood cube, measuring approximately 36cm, can function as standalone storage or be stacked to create various configurations like benches, tables, and shelving. Lenz emphasizes that PIXEL is not just furniture, but a flexible module that adapts to different needs, serving as a high table, desk, or bar, among other uses. Accessories such as lids, trays, and organizer inserts enhance its functionality, making it suitable for a range of environments. The product is currently in production by the Austrian office furniture manufacturer Bene.

The 7-Eleven Global Solutions Center in Bengaluru, branded as "The Urban Playground," redefines corporate culture with a vibrant design that enhances employee engagement and attracts talent. Key features include immersive environments, a mix of ambient and mood lighting, and amenities like a gym and basketball court. The project successfully integrates IoT for lighting control and emphasizes wellness and creativity, establishing itself as a benchmark for modern workplace design and achieving high employee satisfaction.

Spectorgroup and Tishman Speyer have designed a coworking space at 1 Rockefeller Plaza that reflects New York's musical heritage, featuring themed conference rooms and a blend of historical and modern design elements. The space emphasizes flexibility, collaboration, and acoustic performance, with unique room identities inspired by iconic musicians. Since its opening, the space has achieved full occupancy and plans for expansion are underway.

Intuit’s new San Francisco offices span 34,000 square feet on the 5th floor of a midrise in SoMa, designed as a prototype for future Intuit workplaces. The design, a collaboration involving The Bureau and IA Interior Architects, emphasizes local art with 38 original pieces, including a significant mural depicting the city’s music history. The office retains 90% of existing structures, focusing on sustainable modifications. The floorplan is divided into distinct "neighborhoods" featuring hospitable designs with shared tables and bold colors. Each workspace includes both assigned and open areas, plus drop-in rooms decorated with murals representing small businesses supported by Intuit. The space aims to embody Intuit’s values and serve as a model for future office experiences.

Newkirk Creative Studio transformed an underutilized floor at HKRI Taikoo Hui in Shanghai into a multifunctional tenant lounge and event space, achieving LEED and WELL Platinum certifications. The design focuses on enhancing tenant experience through upscale amenities, including meeting rooms inspired by Greek mythology, a wellness room, and a vibrant social hub. The project emphasizes sustainability and aims to redefine shared workplace amenities, positioning the space as a strategic asset for tenant retention and satisfaction.

Gunnar Sigurdarson is a senior product designer and no-code developer based in Copenhagen, Denmark, currently employed at GameAnalytics. His design journey began in 2011 with creating YouTube backgrounds and thumbnails. In his spare time, he is involved in projects like Slim Icons, a free icon library with over 200 icons, and the Portfolio Project, which showcases visually stunning personal portfolios.

JPMorgan Chase plans to build a 3 million square foot office tower in Canary Wharf, which will be the UK's largest office building, accommodating 12,000 staff. The development, co-developed with Canary Wharf Group and designed by Foster + Partners, will take six years to complete. This move consolidates JPMorgan's London operations and reflects the bank's commitment to returning employees to the office. The decision is seen as a positive development for Canary Wharf, which has faced tenant departures in recent years.

Configura Announces New Sales Leadership Structure and Appointment of Brooke Snow as Head of Sales, North America

Configura has announced a new regional sales leadership structure to enhance customer support and align with global market needs. Brooke Snow has been appointed as Head of Sales for North America, effective December 1, 2025. Having joined Configura nearly twelve years ago as the first salesperson, she has played a crucial role in increasing the company's customer base from three to nearly 300, leveraging her strong industry knowledge and relationships. The new structure also includes regional Heads of Sales for Europe and APAC, along with the introduction of Regional Industry Leader roles. Aaron Okkema will be leaving the company to pursue new opportunities, and the CEO expressed gratitude for his contributions while expressing confidence in Brooke's leadership moving forward.

NEWH Awards $80K in Scholarships During BDNY 2025 

NEWH (Network of Executive Women in Hospitality) awarded a total of $80,000 in scholarships to outstanding students during events held at BDNY on November 9-10, 2025. The scholarships aim to support students pursuing careers in hospitality, recognizing their academic excellence and potential contributions to the industry. Notable recipients include Caroline Vinci, Lauren Maese, and Eyerusalem Hagos, among others, who received various scholarships sponsored by industry partners. NEWH, founded in 1984, is committed to fostering leadership and innovation in hospitality through scholarships and educational programs.