WeWork is considering ditching its co-living business.
The Sandeep Mathrani-led firm is working with an adviser on options to hand over operations of its two communal living locations in New York City and outside Washington, D.C., Bloomberg reported.
The talks are in the early stages regarding WeLive, which WeWork launched in 2016. The company at one point had planned to open 36 of the furnished apartments, but never expanded beyond its locations at Rudin Management’s 110 Wall Street and one in Crystal City, Maryland.
WeWork expanded into the residential space under co-founder and former CEO Adam Neumann, along with other lines like the WeGrow daycare and the Rise by We fitness center. But Neumann was ousted after the company’s failed IPO last year, and since then Mathrani has been retooling the business. On Friday, WeWork co-founder Miguel McKelvey announced he was leaving the company.
WeWork ditched plans to open a WeWork/WeLive location in Seattle in October. [Bloomberg] – Rich Bockmann