As WeWork navigates its dire financial situation and works to renegotiate the majority of its leases, the company announced plans to move forward with a new office at a Hines development in Dublin, Ireland.
Slated to open in May 2024, the 73,000-square-foot space is situated in the former landmark Central Bank building. The facility will span eight floors and will offer private offices, lounge spaces, and an outdoor terrace with 360-degree views of the capital.
WeWork’s Global Head of Real Estate Peter Greenspan stated in the announcement that the occupancy rate in “Dublin is over 90%, and WeWork One Central Plaza underscores our ongoing commitment to invest in our member experience, product and services across key markets.”
WeWork’s decision to proceed with establishing a Dublin office comes despite the company grappling with a myriad of challenges — including a substantial $30 million lawsuit by DivcoWest in New York.
The decision also sheds additional light on the company’s strategic efforts to realign its operations, focusing on its promise to exit “unfit and underperforming locations” with an emphasis on bolstering successful areas. This could play a pivotal role in the company’s restructuring strategy.