Hired for contracted work at old Lord & Taylor building
WeWork ‘hired’ Bjarke Ingels as the company’s “chief architect”, according to the company’s website.
Ignore the spin: Ingels’ firm (called BIG) is currently working on transforming the old Lord & Taylor on Fifth Avenue into WeWork’s headquarters. This is a glorified contracting deal with BIG.
Be Smart: WeWork should focus on hiring real estate talent, so they can ramp up acquisitions. ‘Hiring’ a famous architect is mere a PR ploy — it will not add additional revenue streams. The company needs to diversify.
Be like Airbnb: Former Airbnb CFO Laurence Tosi used a portion of capital from the company’s balance sheet to run an internal hedge fund. The side project represented 30 percent of the company’s cash flow last year making about $5 million a month for Airbnb.