Real estate mogul Barry Sternlicht: WeWork went 'off the rails' but it's still a 'real company'

Real estate mogul Barry Sternlicht told CNBC on Friday that while WeWork has had its failures, there's still a real business to be found at its core.

"This company got a little off of the rails," said Sternlicht, chairman and CEO of investment firm Starwood Capital, which has about $60 billion in assets under management. But he still think's "it's a real company."The office-sharing company revealed a $900 million loss in its prospectus; pulled its initial public offering after concerns about a falling valuation and its corporate governance structure; and fired its CEO and top stakeholder Adam Neumann.

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