We got a peek at WeWork’s top landlords. Here’s who is most exposed to the fast-growing, but money-losing, coworking company as it prepares to IPO.


WeWork office

The flexible-office provider WeWork’s top US landlords include industry giants like Blackstone and Brookfield, a slew of New York City-based firms, and itself, according to a Business Insider analysis of data from CoStar Group.
The list, along with data from WeWork, provides one of the most comprehensive looks so far at who’s leasing to the coworking company as it prepares to go public.
With a hotly anticipated initial public offering on the horizon and details of WeWork’s financials — and wide losses — emerging, more attention is being paid to the company and those that touch it.
of BI’s WeWork coverage here.

WeWork’s landlords have so far avoided much of the media coverage swarming around the startup.

Business Insider took a look at who has leased out the most square footage to the fast-growing, but money-losing, coworking company.

We analyzed June numbers from the real-estate-data provider CoStar Group to understand who’s renting to the flexible-office provider WeWork in the US. Since its 2010 founding, WeWork has upended the staid real-estate industry, shot to the top of tenant lists in cities like New York, and its valuation has ballooned to $47 billion. It’s now laying the groundwork to go public.

With a hotly anticipated initial public offering on the horizon and details of WeWork’s financials — and wide losses — emerging, more attention is being paid to the company and those that touch it.

To be sure, WeWork’s landlords are keeping their total exposure to the company relatively small, though they work with competing coworking firms as well. Coworking is seen as primed for explosive growth, and large real-estate companies will have to decide how much they want to work with young flex-space firms that haven’t been tested through a downturn.

WeWork said there were inaccuracies in the CoStar data but declined to provide a list of its US landlords. Business Insider obtained a list of its top 20 global landlords but did not include square footage. That global list from WeWork contained seven of the 10 names listed in CoStar’s US data.

Most of the landlords on the CoStar list either did not respond to requests for comment or declined to comment. CoStar later provided Business Insider with an updated list of WeWork’s top landlords to include buildings leased to WeWork that are owned by multiple companies. The previously ranking did not include owners with minority stakes.

The CoStar data was dominated …read more


Source:: Business Insider

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