Friday 19 October 2018

WeWork announces Iveagh Court as first Dublin base

WeWork's first Dublin location at Iveagh Court has sufficient space for 1,000 workers
WeWork's first Dublin location at Iveagh Court has sufficient space for 1,000 workers
Ronald Quinlan

Ronald Quinlan

WEWork, the world's biggest and most successful provider of flexible work spaces on flexible lease terms, has announced that the opening of its first Dublin location will take place in spring 2018.

The US-headquartered company's initial foray into the Irish office market will see it take four floors at the McGarrell Reilly-developed Iveagh Court on Harcourt Road. WeWork is understood to have agreed a rent of €538 per sq m (€50 per sq ft) under a 25-year lease with a 15-year break option.

Asked if the company would expand its Irish operations beyond its new premises at Iveagh Court, Managing Director of WeWork Europe and Israel, Eugen Miropolski, said that while there were no plans to look outside Dublin as of now, this might change if WeWork saw demand for space in other Irish cities from its members.

Outlining the rationale behind WeWork's decision to establish its first Dublin base, Mr Miropolski said: "We've been looking at the Dublin market for quite a while. What's interesting is that we talk a lot to our members [around the world] and we ask 'what is it that you need? How we can we strengthen your businesses?' A lot of our members ask us not only in London, but also in Berlin and Amsterdam, when we would open our first location in Dublin. So that's why Dublin was a very natural step".

Mr Miropolski confirmed his company's intention to open its Iveagh Court base for business by spring 2018. Extending to 5,109 sq m (55,000 sq ft), the property has the capacity to accommodate in the region of 1,000 workers, or 'members' as WeWork refers to its tenants and those employed by them. Iveagh Court had served as an overflow facility for the Central Bank in the period leading up to its move to its new headquarters at North Wall Quay in the IFSC.

Asked if WeWork had secured occupiers for Iveagh Court, Mr Miropolski said: "We have a lot of interest already and that has been growing organically with people reaching out to us."

Located next to Dublin's famous Iveagh Gardens in the city centre, Iveagh Court is the 40th WeWork location to be announced in Europe, Founded by Adam Neumann and Miguel McKelvey in New York in 2010, WeWork already has 23 open locations comprising 25,000 members across Europe.

All told, the company currently has 170 physical locations across 18 countries and 56 cities around the world, providing its members with what it describes as "the community and services to create their life's work through both physical and digital offerings".

In choosing to locate in Dublin, Mr Miropolski said WeWork was acknowledging the city's tech credentials and community of start-ups and established companies.

He said: "Beyond best-in-class buildings, staffed by local teams providing support, networking opportunities and events, we know our members value access to wider networking and business opportunities, as well as excellent locations and transport connections."

WeWork was advised on the Iveagh Court deal by Daniel Shannon of CBRE.

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