Adam Neumann, The We Company’s CEO, is personally buying buildings that are leased to WeWork, the company’s coworking branch, raising conflict of interest concerns among some investors.
This model has given Neumann millions in landlord payments, the first of which took place last March in New York City.
Recently, Neumann invested in many properties in San Jose where WeWork has plans for a campus that will include its residential sector, WeLive.
The board has stopped one deal when the CEO sought out to buy a 5% stake in a Chicago location where WeWork was negotiating a lease. The board cited a conflict of interest and blocked the move.
Between 2016 and 2017, the office provider said that is paid $12 million to rent buildings that were partially owned by WeWork officers.
