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April 29, 2024

WeWork To Close Manhattan Headquarters, One Of Its Largest Coworking Locations

NYC DOB's Chief Sustainability Officer To Discuss The City's Plans To Hit Net-Zero Carbon June 26

WeWork is closing its corporate headquarters and one of its largest locations as it approaches the endgame of its bankruptcy proceedings. 

WeWork To Close Manhattan Headquarters, One Of Its Largest Coworking Locations

WeWork occupies more than 300K SF across 20 floors at Tower 49 in Midtown Manhattan, owned by Kato International. Besides its corporate headquarters, the building at 12 E. 49th St. has a coworking space with 2,800 members, according to a Friday filing by the company.In a Monday…

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Yardi To Become WeWork's Majority Owner In $450M Bankruptcy Exit Plan

Attorneys for WeWork revealed in a Monday morning bankruptcy hearing that under its plan to exit bankruptcy, property management software provider Yardi Systems would become the majority owner of the coworking titan. 

Yardi To Become WeWork's Majority Owner In $450M Bankruptcy Exit Plan

Under the terms of WeWork's proposed financing deal to exit bankruptcy, the company's senior lenders agreed to inject WeWork with $50M to keep it running until it expects to emerge from bankruptcy May 31, then an additional $400M to cover the cost to exit restructuring.

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Weekend Interview: How Jesse Stein Went From Fighter Jets And The NFL To Airbnb's Real Estate Head

Weekend Interview: How Jesse Stein Went From Fighter Jets And The NFL To Airbnb's Real Estate Head  

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

For Jesse Stein, becoming the global head of real estate for a giant brand like  Airbnb wasn't close to his career goal. 

In fact, for the longest time, the goal was flying fighter jets. When the Air Force Academy didn’t work out due to his history of concussions, the goal became playing in the NFL

And Stein did get there. After walking on to the Florida State University football team as a punter while studying finance and real estate, he eventually earned a scholarship. He then was picked up by the Jacksonville Jaguars and even starred on the first season of “Hard Knocks” before eventually getting cut.

“That was hard,” Stein said. “When you train for something your entire life, and you make it close to the mountaintop and you get cut.”

Stein then made a pivot, getting scooped up as a financial analyst thanks to a previous internship at Starwood Vacation Ownership. As a result, he traded in two-a-day practices for 18-hour days running financial models.  “I'm the son of a five-foot-six lawyer. He had no athletic ability at all. So I…

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