Sam Zell isn’t sold on WeWork’s business model — especially when it comes to the unicorn company consulting on office management for corporations outside of its own shared spaces.
“I wouldn’t let those guys near my business with a 10-foot pole,” he quipped during an appearance on CNBC earlier this week. “The last thing I want to do is introduce somebody else’s culture and have them influence the way my company is run.”
WeWork’s move into the corporate services sector was reportedly inspired by the fact that several companies had booked entire floors in its existing locations. WeWork will also consult on design and construction for those corporate clients, a spokesperson said in April.
The chairman of Equity Group Investments and of apartment mega-landlord Equity Residential said he’d once invested unsuccessfully in a shared work space provider, though he didn’t specify which company.
“We have yet to find out what happens to WeWork when the office market softens, which is probably not too long from now,” he said.
Source: The Real Deal
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
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