Imagine a huge conglomerate who has the ability to take revenues in more than one division - you claim the revenues in whatever the market treats as having a higher multiple, thus inflating your “growth” story and your stock price. To financial folks it looks like you’re shedding old businesses and making a new hit, but in reality it’s a finance trick.

Wouldn't the buildings usually be owned by, like, a subsidiary of WeWork, or a holding company that also owned WeWork, or something?

WeWork is the junk company that only exists to funnel investor money to the founder via his other company.