Sam Zell on WeWork: “I wouldn’t let those guys near my business with a 10-foot pole”

Los Angeles /
May.May 10, 2017 10:00 AM

Sam Zell isn’t sold on WeWork’s business model — especially when it comes to the unicorn company consulting on office management for corporations outside of its own shared spaces.

“I wouldn’t let those guys near my business with a 10-foot pole,” he quipped during an appearance on CNBC earlier this week. “The last thing I want to do is introduce somebody else’s culture and have them influence the way my company is run.”

WeWork’s move into the corporate services sector was reportedly inspired by the fact that several companies had booked entire floors in its existing locations. WeWork will also consult on design and construction for those corporate clients, a spokesperson said in April.

The chairman of Equity Group Investments and of apartment mega-landlord Equity Residential said he’d once invested unsuccessfully in a shared work space provider, though he didn’t specify which company.

“We have yet to find out what happens to WeWork when the office market softens, which is probably not too long from now,” he said. [CNBC] — Katherine Clarke


Related Articles

arrow_forward_ios
WeWork looks to fill 350K sf of vacant LA office space
WeWork marketing 350K sf of LA office space
WeWork marketing 350K sf of LA office space
Prime Group CEO John Atwater with Playa Pacifica and The Gallery (Brown, Marcus and Millichap)
Prime Residential pays $275M for Equity Residential rental portfolio
Prime Residential pays $275M for Equity Residential rental portfolio
Alo Yoga founders Danny Harris and Marco DeGeorge with 9830 Wilshire Blvd (Instagram via DeGeorge, The Vendry)
WeWork signs yoga retailer to 70K sf at Beverly Hills office
WeWork signs yoga retailer to 70K sf at Beverly Hills office
Hudson Pacific Properties CEO Victor Coleman and WeWork CEO Sandeep Mathrani with The Maxwell (Hudson, WeWork)
WeWork drops space at Hudson Pacific’s Arts District building
WeWork drops space at Hudson Pacific’s Arts District building
Pacific Design Center’s Green Building, WeWork’s Elton Kwok, FabFitFun’s Michael Broukim. (Pelli Clarke Pelli Architects, WeWork, FabFitFun)
WeWork keeps focus on larger, “enterprise” tenants
WeWork keeps focus on larger, “enterprise” tenants
Black Equities Group's Stanley Black and Equity Residential's Mark J. Parrell. (Apartments.com, Getty, Equity Residential)
How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex
How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex
Adam Neumann and the “Guitar House” in in Corte Madera (Getty, Realtor)
Adam Neumann gets $22M for California estate
Adam Neumann gets $22M for California estate
925 N. La Brea Avenue with CIM Group’s Shaul Kuba and WeWork’s Sandeep Mathrani (Google Maps, Getty/Illustration by Alexis Manrodt for The Real Deal)
WeWork exits CIM Group’s Hollywood complex
WeWork exits CIM Group’s Hollywood complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...