WeWork’s Real Estate Arm Co-Head Wendy Silverstein Departs Firm

(Bloomberg) -- Wendy Silverstein, the co-head of WeWork’s real estate investment arm, has left the company, according to people familiar with the move.

Silverstein stepped down from her position at the investment unit, known as ARK, and is spending time caring for her elderly parents, said one of the people, who asked not to be identified discussing a private matter. Silverstein and a WeWork spokeswoman declined to comment.

WeWork decided this week to delay its initial public offering.

This spring, ARK secured $1 billion from Canadian real estate investor Ivanhoe Cambridge, bringing its assets under management to $2.9 billion. It intends to buy stakes in buildings in which WeWork is a tenant.

Managing Director Rich Gomel will continue to lead the unit, the person said. Larry Fuchs, most recently a managing director of alternative investments at JPMorgan Asset Management, is also joining ARK, the person said.

Read more: Silverstein left New York REIT last year

Silverstein’s departure, and Fuchs’s hiring were reported earlier today by The Real Deal.

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