WeWork’s CEO and co-Founder, Adam Neumann, cashed out over $700 million from The We Company ahead of the company’s planned IPO. The move is unusual as founders typically wait until after an IPO to liquidate their holdings in order to support their stock and shareholders. Though Neumann appears bullish on the company’s long-term prospects, the move could potentially signify that he lacks confidence in the company’s ability to justify its $47 billion valuation in the public market and its long-term success.
Bisnow reported this week that New York-based flexible workspace operator, Knotel, has signed six new lease agreements in the Los Angeles Area. Knotel will open office and event space locations in Beverly Hills, Santa Monica, and Venice. With the new leases, the flexible workspace brand will boast over 100K square feet of space, across 14 locations in the wider Los Angeles area. Knotel has also announced plans to expand into Boston.
Blackstone-backed UK flexible workspace operator, The Office Group, has added 83,000 square feet of workspace to its portfolio. IPE Real Assets reported this week that the company has acquired two central London buildings, The Liberty House on Regent Street and The Media Village on Great Titchfield Street. The new acquisitions lift The Office Group’s workspaces in London to 43 buildings. Both buildings are expected to open in 2020.
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CBC Canada reported this week that a father and son duo has opened a coworking space for aspiring chefs. Herbert and Andrew Obrecht have opened a 360 square meter coworking space with industrial kitchen ovens, coolers, freezers, gas ranges, barbecues, and more. Members at Culinary Coworking will pay depending on the amount of hours they spend in the kitchen and how much shelving and storage space they need.
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