The deal between the bank and the New York-based co-working company is the biggest by revenue for WeWork’s Powered by We business, the startup said. WeWork established Powered by We last year to offer real estate, design and office management expertise to large companies. Since its founding in 2010, WeWork has expanded from offering flexible office space for startups to serving up several-year leases for corporate customers, which now make up a quarter of its membership base. WeWork is looking for new revenue sources to justify a valuation of $20 billion-or as much as $35 billion, if its latest fundraising effort pans out-and to expand more quickly than competitors around the globe. WeWork declined to name other customers, but people familiar with the agreements said another is Expedia Group Inc.’s office in Chicago. UBS went with WeWork because the bank wanted fresh ideas for its space in Weehawken, N.J., which spans more than 100,000 square feet. For the office renovation, WeWork was not “The cheapest option,” Naratil said, but he saw value in trying to keep employees happy.
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