The Real Deal New York

Wendy Silverstein is planning to join WeWork: report

CEO of New York REIT plans to leave the company and step down from its board
July 13, 2018 09:30AM

Wendy Silverstein and WeWork’s Adam Neumann

Wendy Silverstein is in talks to take a senior position at WeWork, according to a new report.

The CEO of New York REIT will leave her current company and step down from its board, Bloomberg reported. She would plan to take a high-level role at WeWork, although the specifics of her position have not been determined yet.

New York REIT, which is in liquidation and selling its properties, recently announced it would sell New York’s Viceroy Hotel for $41 million. Once that goes through, the company will have sold all its properties except Worldwide Plaza, where it owns a 50.1 percent stake.

Prior to joining New York REIT, Silverstein worked as vice president and co-head of acquisitions and capital markets at Vornado Realty Trust.

It is not clear if she would be involved with WeWork’s real estate investments, but the company has significantly broadened its property portfolio in recent years, most notably with its $850 million purchase of Manhattan’s flagship Lord & Taylor building along with partner Rhone Capital. WeWork had raised just over $400 million in four vehicles for real estate investment, according to a March filing.

WeWork is reportedly in talks with SoftBank‘s Vision Fund for another funding round, which would put its valuation at around $35 billion. The co-working company’s revenue climbed 110 percent to $342 million last quarter, largely due to a boost in occupancy rate.

“With the sale of the Viceroy Hotel, the job that I set out to do at NYRT, namely the liquidation of the company’s assets, will be substantially complete,” Silverstein said in a statement to Bloomberg. “It has been a privilege to lead NYRT and I am incredibly proud of the work we have done to enhance value for our shareholders.” [Bloomberg] – Eddie Small