From Seattle's own GeekWire, October 14:
The WeWork fallout is now affecting Seattle, where the troubled company has canceled plans for its WeLive co-living residential program at a 36-story building in the Belltown neighborhood.It's not like this just sneaked up on the world. Some of our earlier WeWork posts:
WeWork originally announced plans for the Third & Lenora building in 2017, following initial reports a year earlier, with a scheduled opening next spring. The building, developed by Martin Selig Real Estate, has hundreds of apartments and plenty of co-working space, in addition to common areas and retail spaces.
WeWork and Martin Selig Real Estate issued a joint statement on Monday. The companies still plan to open a WeWork co-working location in Ballard this December.
“As part of WeWork’s commitment to refocus on its core business, WeWork and Martin Selig Real Estate have mutually agreed to not move forward with the planned WeWork-WeLive Belltown Seattle project at 3rd and Lenora. WeWork and Martin Selig Real Estate look forward to continuing to work together, including on the forthcoming WeWork location at 15th & Market in Ballard.”The Puget Sound Business Journal first reported the news Monday.
WeWork has been going through turmoil recently. The once high-flying startup canceled an IPO; forced its founder to step down; and is now reportedly laying off one-third of its tech staff. It’s also closing WeGrow, its private school subsidiary. And even its phone booths made headlines this week for “potentially elevated levels of formaldehyde.”...MORE
November 2017
"WeWork: 'Our valuation and size today are much more based on our energy and spirituality than it is on a multiple of revenue.'"
Roger that, energy and spirituality. Over....
August 2016
To Hedge Against Downturn, $16 Billion Mega-Unicorn WeWork Pushes for Longer Leases, Established Companies
What you have here is a real estate company trying to justify a tech company valuation.
July 2016
$16 Billion Unicorn: "WeWork evicted a startup after it published a negative blog post about WeWork..."
...WeWork said in response to the Bloomberg story that the April document “does not reflect our robust operating momentum.”...
Roger that, robust momo. Over.
July 2016
$16 Billion Valuation WeWork Cut Forecasts as CEO Asked Employees to Change ‘Spending Culture’
It has been a long cherished dream to figure out a way to bet against this one, links below.
March 2016
Whoa: Silicon Valley's Santa Clara County Falls From Ranks Of Hottest Job Markets
It might be time to dust off that list of San Francisco office REITS. And try to find a way to short WeWork.*
*WeWork just pulled in $430 million at a $16 billion valuation from Chinese investors in another of these "Pay any price, bear any burden..." deals that look suspiciously like capital flight from China....
November 2015
"LivingSocial Offers a Cautionary Tale to Today’s Unicorns"
October 2015
How To Convince Investors Your Startup Is Worth $10 Billion
There has got to be a way to short this.
December 2014 WeWork Worth $5Bil., Weally
