Jared Kushner To Divest From Connectivity-Rating Business WiredScore

Jared Kushner

Jared Kushner is moving to sell his stake in WiredScore, as part of a continuing effort to separate his business interests from his role as a senior adviser to his father-in-law, President Donald Trump.

The real estate developer is in advanced talks with a Los Angeles-based buyer, Fifth Wall Ventures, to sell his shares in the SoHo-based internet connectivity certification service, although the deal could still fall through, the Wall Street Journal reports.

Early this year, Kushner disclosed that he held a managing membership in WiredScore's owner, Broadband Proliferation Partners LLC, and the value of his stake was between $5M and $25M. Total income from the investment amounted to $4.5M.

The company was co-founded by CEO Arie Barendrecht and launched in 2013 with early support of then-Mayor Michael Bloomberg. WiredScore rates and certifies office buildings for the speed and reliability of internet connections. The firm has rated more than 750 commercial office buildings in the United States, of which more than 300 are in New York City. The certification system also assists office landlords with developing and updating their telecommunications infrastructure.

Recently, WiredScore announced that it is expanding services to Paris, a 2B SF office market with mostly older buildings. In 2015 WiredScore started global expansion with entry into London and has now certified more than 175 buildings in the United Kingdom.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Cortland, Pulte, INVH, Walker & Dunlop Execs Talk Changing Demographics, AI

America's War Machine Is Growing, Sparking A Defense Real Estate Boom

Boca Raton's New Leaders Throwing 'All Kinds Of Curveballs' At Developers

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner