Jared Kushner To Divest From Connectivity-Rating Business WiredScore
Jared Kushner is moving to sell his stake in WiredScore, as part of a continuing effort to separate his business interests from his role as a senior adviser to his father-in-law, President Donald Trump.
The real estate developer is in advanced talks with a Los Angeles-based buyer, Fifth Wall Ventures, to sell his shares in the SoHo-based internet connectivity certification service, although the deal could still fall through, the Wall Street Journal reports.
Early this year, Kushner disclosed that he held a managing membership in WiredScore's owner, Broadband Proliferation Partners LLC, and the value of his stake was between $5M and $25M. Total income from the investment amounted to $4.5M.
The company was co-founded by CEO Arie Barendrecht and launched in 2013 with early support of then-Mayor Michael Bloomberg. WiredScore rates and certifies office buildings for the speed and reliability of internet connections. The firm has rated more than 750 commercial office buildings in the United States, of which more than 300 are in New York City. The certification system also assists office landlords with developing and updating their telecommunications infrastructure.
Recently, WiredScore announced that it is expanding services to Paris, a 2B SF office market with mostly older buildings. In 2015 WiredScore started global expansion with entry into London and has now certified more than 175 buildings in the United Kingdom.
