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Wednesday, December 26, 2018

WeWork keeps pushing. Now landlords and rivals are pushing back - Los Angeles Times

WeWork keeps pushing. Now landlords and rivals are pushing back - Los Angeles Times: WeWork Cos. is increasingly stepping on landlords’ and real estate brokers’ turf — and the industry is starting to push back.

The office-sharing giant, valued at as much as $42 billion, is getting a greater portion of its business from the large companies that property owners usually court. It’s also building an investment division to buy its own sites, according to people with knowledge of the matter.
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At the same time, big real estate names such as Blackstone Group and Tishman Speyer are venturing into flexible-space offerings of their own. Brokers, meanwhile, are growing wary that WeWork is cutting them out of deals.