WeWork opens new Dublin office in old Central Bank building

6 Jun 2024

WeWork's office at One Central Plaza. Image: WeWork

The company is working to emerge from bankruptcy later this month after exiting 160 locations and claims Dublin is one of its strongest locations.

WeWork, the troubled co-working giant battling bankruptcy, has opened a massive new workspace in Dublin today (6 June) after years of development.

The company officially opened its new office at One Central Plaza, the former home of the Central Bank. The refurbished office features 1,500 desks across eight floors, along with office suites, conference rooms and various amenities for companies.

The location features bookable office space, phone booths and provides options for customers to rent desks or meeting rooms by the hour or day.

WeWork said this will be its flagship site in Dublin and that its All Access bookings per location in the city grew by more than 50pc year over year. The company also said that the new office has opened with 50pc of its space occupied and that member companies of all sizes will move into the office this month.

WeWork chief revenue officer Ben Samuels said the company is entering a new phase and “putting our best foot forward with our strongest locations globally”. The troubled company filed for bankruptcy in the US in November 2023 and is due to emerge from this later this month.

“As more companies look to incorporate flexible workspace into their portfolio, WeWork continues to cement its position as a go-to partner to power workplace strategies that marry business and employee needs,” Samuels said.

WeWork through bankruptcy

WeWork announced plans to take eight floors of the former Central Bank building back in 2018 and this space was originally scheduled to open the following year. But the massive company entered a chaotic period that year, abandoning its plans to go public after soaring to a valuation peak of $47bn.

WeWork faced issues as it attempted to go public in 2019 due to concerns around the control and leadership of former CEO and co-founder Adam Neumann. After that, a period of Covid-19 lockdowns, social distancing and the rise of remote working all had a massive effect on the office space provider’s operations, and it didn’t go public until 2021.

WeWork’s share price plummeted by more than 98pc prior to its bankruptcy. The company still has hundreds of locations worldwide.

As part of its reorganisation plans, WeWork says it has successfully amended more than 170 office leases and exited 160 locations. The company said its reorganisation plan will see it eliminate $4bn of pre-petition debt and save $12bn in projected lease liabilities.

There were also reports earlier this year that Neumann was attempting to buy his way back into control of the troubled company through his real estate venture, Flow. But Neumann abandoned this plan last month and software tycoon Anant Yardi was recently revealed as the new majority owner of WeWork.

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Leigh Mc Gowran is a journalist with Silicon Republic