- ARK will initially deploy approximately $2.9 billion of total equity capital
- Platform will optimize assets and drive innovation across portfolio through enterprise and anchor tenant strategies
- Ivanhoé Cambridge to be founding strategic partner in ARK’s new venture
NEW YORK–The We Company is pleased to announce the launch of ARK, its global real estate acquisition and management platform.
An Evolution of The We Company Real Estate Investment Strategy
ARK builds on the strong foundation in real estate acquisition and management represented by WeWork Property Advisors, an investment advisor affiliated with The We Company and Rhône Group and will combine with ARK as part of the launch.
ARK will focus on acquiring, developing, and managing real estate assets in global gateway cities and high-growth secondary markets that will benefit from WeWork’s occupancy. WeWork will deploy its space-as-a-service model in Ark owned or operated properties for our member companies, including our growing Enterprise business – now representing over 40% of global memberships – in conjunction with our anchor tenant strategy.
ARK will leverage its access to The We Company’s site selection process and proprietary technology, as well as its relationships with partners and enterprise member companies, to access a broad range of real estate opportunities. ARK intends to immediately stabilize assets by executing a proven pre-packaged business plan and will apply The We Company’s holistic solutions for real estate owners, based on The We Company’s established capabilities in sourcing, building, filling, and operating properties.
Rich Gomel, Managing Partner, ARK, said: “We have seen first hand the value that the WeWork ecosystem can create for landlords and real estate partners. The launch of ARK will help drive growth by leveraging The We Company’s extensive real estate experience and network. ARK has been set up to capitalize on that opportunity and allow us to provide different partnership options for the real estate community to participate in the growth and expansion of the We Company.”
Ivanhoé Cambridge – Strategic Partner
ARK is also pleased to announce that Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec and one of the world’s largest and most highly-respected institutional real estate investors, is providing substantial capital and support to the platform. Ivanhoé Cambridge plans to collaborate with ARK on its real estate acquisition and management of properties around the world, allowing the platform to benefit from Ivanhoé Cambridge’s significant experience and expertise in the real estate sector.
Sylvain Fortier, Chief Investment and Innovation Officer at Ivanhoé Cambridge said: “Like The We Company, we believe there is enormous upside in disrupting traditional norms of real estate. We share the same vision, commitment to social responsibility, and long-term approach towards real estate making this a natural partnership and one that we are confident will be transformational for both companies. The We Company brings its creative and innovative talent, along with its technological and design expertise, which are essential to meeting the new expectations of real estate spaces whether it is in the commercial or residential sphere. ARK brings a strong team of acquisition and asset management professionals and deep relationships with The We Company. I think we will complement each other beautifully.”
Management Team and Partners
ARK will initially deploy $2.9bn in total equity capital following its combination with WeWork Property Advisors. The We Company will be the majority owner of ARK.
The platform will be chaired by Steven Langman, Managing Director of Rhône Group and a member of The We Company’s Board of Directors. He will serve as Chairman of ARK’s Management Committee and will also serve on ARK’s investment committees.
In addition to Mr. Langman and Mr. Gomel, Wendy Silverstein, formerly of New York Reit and Vornado Realty Trust will serve as ARK’s Chief Investment Officer. ARK’s leadership is supported by a dedicated group of experienced real estate professionals with diverse expertise across real estate acquisition, development, and management.
The We Company
Founded by Adam and Rebekah Neumann and Miguel McKelvey in 2010, The We Company comprises three distinct business lines – WeWork, WeLive, and WeGrow – that further our mission to elevate the world’s consciousness. WeWork’s mission is to create a world where people work to make a life, not just a living; WeLive’s mission is to build a world where no one feels alone; and WeGrow’s mission is to unleash every human’s superpowers. The We Company began 2019 with 425 locations in 100 cities across 27 countries, and has over 400,000 members, which includes over 30% of the Fortune 500. For additional information, please visit www.we.co
ARK is an affiliate of The We Company and serves as its new global real estate acquisition and management platform based in New York City. ARK’s focus is acquiring, developing, and managing select real estate assets in global gateway cities and high-growth secondary markets. ARK collaborates with The We Company to apply The We Company’s existing, new, and developing products and methods of community and space management to ARK-owned real estate and leverage The We Company’s relationships with partners and enterprise member companies to create vibrant fully-programmed ecosystems.