WeWork has convinced tech investors that short-term office rentals are the next big thing, and well worth a high price. Savvy real-estate investors also like that business, but not at WeWork’s valuation.
Instead, they are focused on a one-time dot-com darling now called IWG. Shares in the London-based company jumped 21% last week after it disclosed takeover interest from three separate bidders. Barry Sternlicht’s private-equity group Starwood Capital has made a tentative offer, as has U.K. buyout boutique TDR Capital. Talks...