Adam Neumann, CEO of coworking giant WeWork Co. Inc., is looking to sell his 50%-owned, 11-story building at 88 University Place in Greenwich Village, N.Y., ahead of its holding company's IPO, in a bid to avoid potential conflicts of interest, The Real Deal reported, citing unnamed sources.
The 90,000-square-foot property, which is almost 100% leased to WeWork, will have a price tag of more than $110 million, according to the report. Neumann and his partners acquired the property for $70 million in 2015.
Neumann owns the building through an investment group controlled by fashion designer Elie Tahari, who decided to sell the property in the open market instead of selling it in a direct deal to the WeWork affiliate, the sources said.
Representatives for Neumann declined to comment, the publication said.
Separately, WeWork agreed to occupy a new coworking location at Carr Properties' The Wilson project, which is still under development. The agreement brings the Bethesda, Md., building to 80% leased.