WeWork Investors Turned Off by ‘Sloppy’ IPO Filings

The more investors learned about WeWork, the less they liked it. The details that were wrong or omitted from its financial disclosures played a part in weakening investor appetite and will pose risks if the company ever tries to go public again. WeWork parent We Co. misstated the number and cost of the working desks it set up in the first half of the year when it first filed in August to go public. The company also omitted information about its governance, including that its then-Chief Execut…

NYC seeks to rein in keyless technology in apartment buildings

City officials believe the key to regulating smart lock companies is, well, requiring traditional keys. A new City Council bill seeks to require landlords to provide tenants with physical keys to their apartments — as well as to exterior building entrances — that don’t rely on the use of technology. The measure also specifically defines a key as a “piece of shaped metal with incisions cut to fit the wards of a particular lock.”

Via is launching an on-demand public transit network in the city of Cupertino

Shuttle startup Via  and the city of Cupertino are launching an on-demand public transportation network, the latest example of municipalities trying out alternatives to traditional buses. The aim is for these on-demand shuttles, which will start with six vans branded with the city of Cupertino logo, to provide more efficient connections to CalTrain and increase access to public transit across the city. The on-demand shuttle service, which begins October 29, will eventually grow to 10 vehicle…

Two Potential Boston WeWork Deals Called Off

WeWork’s path to becoming Boston’s largest office tenant has hit two roadblocks. Two Boston landlords have pulled out of negotiations with WeWork, multiple sources familiar with the talks told Bisnow. The separate decisions come as the coworking company is in a murky financial state following its heavily criticized and since-withdrawn IPO.

Consulting giant McKinsey to open high-tech store at Mall of America (updated with photo gallery)

McKinsey & Co., the worldwide consulting firm, will open its first retail store in the Mall of America in Bloomington on Friday.

The store, called Modern Retail Collective, won’t be your usual mall shop either. McKinsey is effectively subletting the space out to retailers in the beauty and fashion world to show off products, according to a Mall of America news release.

Top CRE Execs Answer 3 Important Questions On The Future Of WeWork

It took eight and a half years for WeWork to climb to the top of the commercial real estate world, dominating the world’s biggest office markets and raking in billions in investment. It took less than two months for it all to come crashing down. Much has been written about WeWork and now-former CEO Adam Neumann’s meteoric rise and precipitous fall. And while WeWork has some very public, very persuasive critics, those who it really needs to convince of its durability are future investors and t…

WeWork’s Steinhaus, a former Citi exec, is leaving the firm

WeWork’s job cuts are underway. Joel Steinhaus, WeWork’s strategic relationships leader and global head of its financial services practice, is leaving the co-working company, according to people with knowledge of the matter. Steinhaus joined New York-based WeWork in 2016 as chief of staff to co-founder Adam Neumann and later transitioned to his more recent role. He’s also chair of a nonprofit organization, New Yorkers for Parks….

India Startup Oyo Raises $1.5 Billion at $10 Billion Valuation

Oyo Hotels and Homes is raising $1.5 billion from founder Ritesh Agarwal, SoftBank Group Corp. and other investors as the India lodging startup expands into foreign markets such as the U.S. and Europe. Agarwal, 25, will spend $700 million to buy new shares in the company as part of a previously reported $2 billion plan to triple his ownership stake. Existing investors SoftBank’s Vision Fund, Lightspeed Venture Partners and Sequoia India will contribute the rest of the current round….

Last Chance to Register for the BIGGEST Real Estate Tech Conference of 2019

Join us for CREtech’s biggest east coast two-day conference on October 16-17, 2019. Get an all-access conference pass to discuss all things real estate tech innovation with the most sought-after speakers, the leading startups, investors from around the world, motivated developers/owners and brokers. Our sold-out events are a must-attend for real estate professionals to network, discover and transform your business….

Was WeWork Ever Going to Work?

Imagine for a moment that Adam Neumann, the co-founder of WeWork and until several days ago its chief executive, came to you looking for a job. He is barefoot (he has been photographed walking around Manhattan this way), he talks about his ambition to live forever, to lead the free world and to “solve the problem” of “150 million orphans” through the growth of a desk-rental company seeking to “to elevate the world’s consciousness.”…