[N] WeWork, OpenAI headline $200 million plan for 30-acre jewel of Presidio
Now we have more details about how OpenAI LP is using the proceeds of their “Capped-Profit” investment vehicle 🙂
From the article:
WeWork’s parent company, artificial intelligence company OpenAI and the World Economic Forum have teamed up on a proposal to redevelop and renovate the 22 barracks and buildings of the Presidio’s Fort Scott campus.
The We Company’s space would be split between “mission-driven” companies — those “focused on addressing the significant environmental and/or social challenges of our time,” as specified in the Presidio Trust’s Requests for Proposals — and the EPIC Institute, a nonprofit funded by the California Clean Energy Fund, a private equity and VC firm. The Lela Goren Group, a woman-owned and operated real estate developer, would be the co-developer along with The We Co.
Site plans call for artificial intelligence company OpenAI to lease about 107,000 square feet of space for its offices and labs, many of which are adjacent to two office buildings previously developed by the Presidio Trust and currently occupied by the World Economic Forum.