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WeWork names real estate veteran Sandeep Mathrani its new CEO – BNNBloomberg.ca

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WeWork named Sandeep Mathrani as its new chief executive officer, tapping an experienced real estate operator for a bid to turn around the embattled startup.

Mathrani, who was previously chief executive of Brookfield Property Partners’ retail group, will need to execute a plan for WeWork to refocus on co-working and abandon unrelated ventures started by its co-founder, Adam Neumann. Mathrani will replace Artie Minson and Sebastian Gunningham, WeWork said in a statement. The duo has served as co-CEOs of WeWork parent We Co. since Neumann stepped down in September following a failed attempt to take the company public.

WeWork said the new CEO will report to Executive Chairman Marcelo Claure, an executive at SoftBank Group Corp., which committed billions of dollars to WeWork in a rescue package last fall. Mathrani will join the company on Feb. 18, with Minson and Gunningham staying on through a transition period. “I am honored to be joining WeWork at this pivotal time in its history,” Mathrani said in a statement.

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Mathrani has experience with a company in crisis. He helped GGP, a shopping mall operator, emerge from bankruptcy in 2010. The company saw its stock rise, boosted by properties such as Las Vegas’s Grand Canal Shoppes and Virginia’s Tysons Galleria. Brookfield paid about $15 billion for the 64-year-old business in 2018 and kept Mathrani on to oversee the retail operation.

The challenges at WeWork are different. Neumann co-founded the startup in 2010 and rapidly built a global empire of office spaces where companies or freelancers could rent by the desk. Investors fueled the expansion, and SoftBank made by far the biggest bet, pushing the valuation to $47 billion.

The IPO process laid bare WeWork’s many vulnerabilities. The company was spending far more than it was generating in revenue and suffered from an over-dependence on Neumann, who took out loans from WeWork as it paid him rent on buildings he owned. WeWork pulled the IPO in September and agreed to part ways with Neumann in an exit package valued at more than $1 billion. SoftBank and Claure have helped recruit new management and outline a turnaround plan, which included the termination of 2,400 jobs.

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This $2 million Toronto home underwent a huge makeover and now looks better than ever

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Back in 2014, we featured 325 Perth Ave. as the house of the week, boasting how great of a catch it was with its open concept layout, basement apartment, and deep backyard.

Nine years later, it’s had a massive glow-up and is now better than ever.

Listed for $1,899,000, 325 Perth Ave. underwent the renovation of a lifetime back in 2021.

325 Perth Avenue Toronto

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The living room with custom built-ins.

“The owners bought this house in 2014 against 32 other offers and for 133 per cent over asking price, and the media debated heavily at the time if it was a smart decision,” realtor Maggie Lind told blogTO.

But they really made the best of their decision and in 2020, they began a renovation to add a 16-foot addition, build a laneway suite and gut the main floor.

325 Perth Avenue Toronto

The primary bedroom ensuite bathroom.

But then the pandemic hit.

325 Perth Avenue Toronto

One of three bedrooms in the main house.

“Because of COVID the laneway house was completed first, and the owners, and their two boys (both under 6) moved into it, even though it was only 350 square feet. Each night they went back to the construction to sleep in the two bedrooms on the second floor,” added Lind.

325 Perth Avenue Toronto

The kitchen.

The sacrifice was worth it, though, as the renovated home is gorgeous.

325 Perth Avenue Toronto

The dining room.

The main floor, with an open-concept floor plan, wide plank white oak flooring, and custom built-ins, is beautiful.

325 Perth Avenue Toronto

The hidden powder room beside the dining room.

There’s also a cheeky hidden powder room on the main floor and the custom kitchen is sleek and modern with quartz counters.

325 Perth Avenue Toronto

The family room.

The 16-foot addition at the back of the house is now a cozy family room that walks to the back garden and is filled with natural light.

325 Perth Avenue Toronto

What was formerly the primary bedroom is now another bedroom upstairs.

Upstairs, there are three bedrooms, including a completely new primary suite.

325 Perth Avenue Toronto

The new primary bedroom.

It has soaring ceilings, double closets, and an ensuite bathroom with a deep soaker tub, walk-in shower, and double vanity.

325 Perth Avenue Toronto

The lower level unit.

The basement has a separate entrance and could be used as an income-generating space as it has a kitchen, bedroom and bathroom.

325 Perth Avenue Toronto

The bedroom in the basement.

And if one income-generating space wasn’t enough, there’s also the laneway house at the back of the property.

325 Perth Avenue Toronto

The laneway house with a garage.

The laneway home is similar in design to the main house – modern, bright, and airy.

325 Perth Avenue Toronto

The kitchen in the laneway house.

It’s a studio apartment with about 400 square feet of living space, as well as parking and a storage room. It also has its own laundry, making it ideal for tenants and guests alike.

325 Perth Avenue Toronto

The backyard with storage.

Currently, the laneway house is tenanted for $1,700 a month.

325 Perth Avenue Toronto

The back of the house with two decks.

This home really went from a snack to the full meal deal.

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New to Canada? Here's how to purchase or rent a home – CTV News

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Judge rules Donald Trump committed fraud – CTV News

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