Wednesday 23 May 2018

WeWork seals Dublin Landings deal

Shared office working has boomed in recent years
Shared office working has boomed in recent years
Ellie Donnelly

Ellie Donnelly

New York-based WeWork, which is valued at around $20bn (€16bn), is to lease almost 10,000 sq m of commercial office space in the Dublin Landings development located in the city's docklands.

The shared office provider is letting the space from developer Sean Mulryan's Ballymore Properties and its development partner, Oxley Holdings.

The move comes just days after WeWork, along with two other companies, paid about £580m (€672m) for an office complex in the City of London district, according to two people with knowledge of the deal.

In Dublin, WeWork will occupy No 2 Dublin Landings on North Wall Quay, beside the new Central Bank of Ireland headquarters and the new head office of the National Treasury Management Agency (NTMA).

It is anticipated that WeWork will move into the building by October.

"Our Dublin locations have proved fantastically popular and we're thrilled to be expanding our portfolio by adding a further WeWork location, this time in the architecturally impressive Dublin Landings," said Patrick Nelson, WeWork's executive VP of Real Estate.

The company already has shared office spaces in the Iveagh Court in Dublin 2, where a hot desk can be rented from €390 per month.

In addition, the company has shared office spaces in 1 Georges Quay, prices for which are currently not available.

John Mulryan, managing director of Ballymore UK and Ireland, which was this week named Developer of the Year, said that Ballymore's vision for Dublin Landings has been to create "a culturally rich, inspiring community in the Dublin Docklands area".

"The calibre of our Dublin Landings tenants, the NTMA, the Central Bank and now WeWork, is evidence of Ballymore and Oxley's commitment to the creation of a vibrant new destination for Dubliners to live, work, and visit," he added.

On completion the Dublin Landings site will house 270 residential apartments and 2,000 sq m of commercial office space. There will also be restaurants, bars and retail outlets. (Additional reporting Bloomberg)

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