Adam Neumann may step away from investments in six developments in San Jose, California.
The former WeWork CEO’s stake in the sites could be worth more than $150 million, according to Bloomberg.
Neumann’s partner on the projects, Urban Community, is reportedly in talks with Westbank Corporation, a real estate firm based in Vancouver. No deal has yet been reached.
Urban Community, headed by former eBay exec Gary Dillabough, has made an aggressive push to revitalize San Jose in recent years. The firm has spent hundreds of millions of dollars acquiring properties in the downtown area, aligning itself with WeWork and its co-founder.
Neumann stepped down from the co-working giant in September after a failed IPO attempt. Beyond buying several homes, he’s made other investments in real estate. But some worried WeWork’s investors, namely his ownership of buildings that were leased to the co-working company.
“Our vision from day one has been to help transform San Jose into one of the best urban environments in the country,” Urban Community said in a statement to Bloomberg. “San Jose’s potential has become apparent to some of the most thoughtful and accomplished developers in the world. We are fortunate to be talking with a number of them at this time to help us achieve our goal.” [Bloomberg] — Sylvia Varnham O’Regan