The property investment platform set up by the parent of flexible office provider WeWork is close to acquiring a $330m (€269m) San Francisco office building.
According to sources familiar with the matter, the recently launched $2.9bn investment platform ARK is in the process of buying the 600 California Street office building, partly occupied by WeWork, from Bentall Kennedy.
In May this year, The We Company announced the creation of the ARK venture to acquire and renovate commercial real estate around the world. Canadian institutional investor Ivanhoé Cambridge committed $1bn as a strategic partner.
At the time, The We Company said some or all of the acquired assets would then be occupied by flexible workspace provider WeWork.
WeWork already occupies 73,000sqft of 600 California Street.
Public records have revealed that Bentall Kennedy acquired the 358,591sqft office building in 2014 for $216.5m.
The We Company did not respond to a request for comment.