WeWork is now worth more than Vornado, Boston Properties

Following latest fundraising round, industry giant is now valued at $20B

TRD New York /
Jul.July 11, 2017 12:15 PM

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


Related Article

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

What will proptech look like in 2019 and beyond?

Small Talk: Trying to make sense of the WeWorld

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Adam Neumann wants to live forever – that and more zany news about WeWork’s CEO

An up close with Adam Neumann, Tom Barrack’s buyers remorse: Daily digest

arrow_forward_ios