WeWork’s US head of real estate is leaving the coworking giant as the firm works through a major turnaround attempt

WeWork Layoffs

WeWork’s head of real estate for the US, Canada, and Israel is leaving the company after two years.
The executive, Aaron Ellison, had helped spearhead growth during the heady runup to the firm’s peak valuation of nearly $50 billion.
Those days seem long gone as WeWork sheds staff and seeks rent reductions. The pandemic has also prompted companies to rethink real-estate needs.
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A regional head of real estate at WeWork is leaving the coworking giant, marking the latest high-level departure at the once-soaring company as its fortunes have been upended.

Aaron Ellison, a well-regarded executive who led a 50-person real estate team that handled leasing deals for the firm in the US, Canada, and Israel, had joined the flexible-workspace company in mid-2018 during a period when it was charting a path of explosive growth on the way to a nearly $50 billion valuation.

Then came a disastrous failed IPO last year and the firm’s near-collapse, a management shakeup, rounds of layoffs, and, in recent months, efforts to weather the coronavirus crisis by negotiating rent discounts from landlords.

Read More: IBM is ditching a big WeWork office in NYC, revealing the risks of the popular flex-space model as the pandemic prompts Blue Chip companies to rethink real estate.

“After more than two years at WeWork, I’m incredibly proud not only of the growth that we achieved, but also of the unbelievably talented and world class real estate team that we built,” Ellison told Business Insider in a statement. “While I look forward to pursuing new opportunities and spending time with my family, I am excited to see WeWork’s next chapter continue to take shape with a new vision and new leadership at the helm.”

A WeWork spokeswoman declined to specify when Ellison’s last day at the company would be. Ellison said he could not yet discuss his future plans or what roles he may seek out going forward.

Ellison is one of the most prominent leaders at the firm to exit this year after a raft of departures around the scuttled IPO last September.

Read More: Facebook is eyeing offices in cities like Dallas, Atlanta, and Denver to act as ‘hubs’ to support 50% of its workers staying remote — and it’s a move that could upend Silicon Valley and NYC real estate.

That was when Adam Neumann, the company’s cofounder and chief executive was ousted by the company’s board. Others, such as Wendy Silverstein, who coheaded a real-estate investment venture for WeWork; Sarah Pontius, who led real-estate partnerships; and Ted Stedem, the firm’s former head of business and financial operations, also all departed during that period.

Real-estate executive Sandeep Mathrani took over as CEO of the company earlier this year and has had to steer it through an unprecedented pandemic crisis.

The coronavirus has prompted office tenants across the market in major cities such as New York to avoid the workplace, with some forgoing rent payments …read more

Source:: Business Insider


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