The Real Deal New York

WeWork is now worth more than Vornado, Boston Properties

Following latest fundraising round, industry giant is now valued at $20B
July 11, 2017 12:15PM

From left: 666 Fifth Avenue, WeWork’s Adam Neumann (credit: Getty Images) and the GM Building

WeWork is now worth more than real estate investment trusts like Boston Properties and Vornado Realty Trust following the latest funding round that pegged its valuation at $20 billion, according to Forbes.

The co-working colossus raised $760 million in a Series G funding round, Forbes reported. Sources said the latest infusion puts WeWork’s valuation at $20 billion, topping Boston Properties’ market cap of $18.25 billion and Vornado’s $17.7 billion.

According to paperwork filed with the Delaware Secretary of State June 30, WeWork issued 13.2 million new shares of preferred stock at $57.90. The investor behind the latest round could not be identified, and WeWork declined to provide a comment to Forbes.

The fundraising follows a $300 million investment Japan-based Softbank made in March that reportedly valued the company at $17 billion. WeWork CEO Adam Neumann last month confirmed that the company plans to go public, but said he still hadn’t decided when and where to list its shares.

The company restructured itself internally as rumors swirled about an IPO. [Forbes]Rich Bockmann