WeWork Opens One Central Plaza After Restructuring Irish And UK Business

WeWork has opened a flagship office at One Central Plaza, an eight-floor, 73K SF flexible workspace at the former headquarters of the Central Bank.

The news comes in the week that WeWork announced it completed its lease negotiations as part of its restructuring in the UK and Ireland, comprising operations in Dublin, London, Cambridge, Edinburgh, Birmingham and Manchester, following a process that has seen it shed significant office space.

WeWork One Central Plaza has 1,500 desks. Options include office suites and conference rooms, bookable office space and phone booths. One Central Plaza will also be open to WeWork All Access and On Demand members.

WeWork’s much-anticipated arrival on Dame Street comes six years after its initial deal to occupy the building, which is co-owned by U.S. real estate investor Hines and Hong Kong-based Peterson Group. WeWork added that the Dublin opening reaffirmed its commitment to creating a strong presence in its best-performing markets. 

WeWork One Central Plaza includes a barista bar, WeWork’s on-site community team, showers and a beer island, while the building has a rooftop restaurant.

WeWork has three other Dublin locations at Charlemont Exchange, 2 Dublin Landings and Iveagh Court. Despite some struggles in the Irish capital, WeWork said that in April it saw All Access bookings per location in Dublin increase by 51% year-over-year, and total footfall by occupied desk increased 26% year-over-year. At the time of opening, WeWork One Central Plaza is at 50% occupancy, the company added.

“We’re thrilled to be opening our doors to the distinguished One Central Plaza in Dublin, a burgeoning business hub and a key market for us,” WeWork Chief Revenue Officer Ben Samuels said in a statement. “This opening marks a significant moment for WeWork as we enter a new phase for the company – putting our best foot forward with our strongest locations globally.”

“This is a major milestone for Central Plaza with the arrival of WeWork and the opening of high quality flexible workspace this month, in one of the most stunning work settings in Dublin,” Hines Managing Director Peter Lynn added in a statement. “We are delighted to confirm that the entire office space at Central Plaza is now at 100% occupancy.”

Globally, WeWork said that after going into Chapter 11 administration, it had finalised its portfolio rationalisation process and completed its restructuring in the U.S. and Canada, amending more than 170 leases and exiting 160 locations.