WeWork’s Adam Neumann Unloads Stake in San Jose Properties
- Developer Urban Community brings on Westbank as partner
- Agreement involves multiple buildings for redevelopment
Adam Neumann
Photographer: Jackal Pan/Visual China Group via Getty ImagesThis article is for subscribers only.
WeWork co-founder Adam Neumann sold his stake in several properties in the heart of Silicon Valley, unwinding a real estate deal that underpinned the office-sharing company’s “future of cities” initiative, according to people familiar with the situation.
Neumann’s partner on the project, Urban Community, will continue to develop the sites in downtown San Jose as part of a new arrangement with Westbank Corp., a Vancouver-based real estate firm, along with Peterson Group and OPTrust.