Peebles says, 'Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned.'
WeWork could default on some of its real estate obligations as it struggles to raise fresh funding, mega-developer Don Peebles says.
"Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned," he says.Kate Munsch | Reuters WeWork could default on some of its real estate obligations as it struggles to raise fresh funding following the office-sharing firm's failed initial public offering, mega-developer Don Peebles told CNBC on Tuesday.
Peebles, the CEO of privately held real estate firm Peebles Corporation, said, "Anyone looking at a building that has got significant WeWork occupancy has got to be very concerned."Peebles said that buildings in which WeWork is listed as a tenant are going to be penalized in their capitalization rate, a measure by which real estate investments are assessed for their profitability, when they go to market.
WeWork's business involves taking on long-term leases and then renting out the spaces to start-ups, freelancers and enterprises for the short term. The company makes money over time as companies and individuals pay their rent or membership.
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