The real estate industry has “ committed suicide ” by allowing WeWork to become the largest occupier of office space in New York , Washington DC , and London , according to billionaire property investor Sam Zell . It is not doing anything new and “ every single company in this space has gone broke , ” Zell said . — CNBC's Jesse Pound and Annie Palmer as well as Reuters contributed to this report. He also criticised WeWork 's corporate governance . The article followed news that the We Company ’s amended prospectus revealed it has elected Peter Frei , a Harvard Business School professor and former Microsoft executive , to its board , and cancelled a deal to pay Adam Neumann $ 5.9 m for the trademarked word “ We ” .
The real estate industry has “ committed suicide ” by allowing WeWork to become the largest occupier of office space in New York , Washington DC , and London , according to billionaire property investor Sam Zell . It is not doing anything new and “ every single company in this space has gone broke , ” Zell said . He also criticised WeWork 's corporate governance . The article followed news that the We Company ’s amended prospectus revealed it has elected Peter Frei , a Harvard Business School professor and former Microsoft executive , to its board , and cancelled a deal to pay Adam Neumann $ 5.9 m for the trademarked word “ We ” .