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WeWork Responds to Report on CEO Making Millions Leasing Property to the Company - Real Estate and Land Use News

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Real Estate and Land Use News

Posted on: Feb 20, 2019

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From Fortune:

WeWork CEO Adam Neumann has made millions in deals leasing properties to the company, and that’s making some investors uncomfortable, according to a Wall Street Journal report.

Neumann’s position as a part-owner of properties was reported in March 2018 by The Real Deal, which said the company initially didn’t expect to act as a landlord. But eventually its strategy changed and began to acquire its own real estate.

Among other things, the Journal listed the names of properties Newmann was involved in and some of the sums involved. The report notes a 2018 bond prospectus for the privately yeld company disclosed the company paid more than $12 million in rent at buildings “partially owned by officers.” Future lease payments were expected to top $110 million.

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