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WeWork To Continue Leasing Spree With Clerys Deal

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WeWork has reportedly agreed a deal to lease all the office space to be delivered as part of the redevelopment of the former Clerys department store on O’Connell Street.  

Although construction work hasn't yet commenced on the scheme, it is scheduled for delivery in the third quarter of 2020. It will include 92K SF of office accommodation, as well as extensive retail and a boutique hotel.

According to the Irish Independent, WeWork has agreed a rent of around €65/SF.

The Clerys building is being developed by Europa Capital — part of the Rockefeller Group — along with Core Capital and Oakmount. The three parties acquired the property from the Deirdre Foley-led Natrium consortium in October for around €63M.

By the end of 2018, WeWork had signed deals on five properties across Dublin totalling 450K SF of office space. Last year alone, the coworking company signed leases on 345K SF, the equivalent of approximately 8.5% of overall office take-up in the capital. Its portfolio includes Dublin Landings 2, Central Plaza and Charlemont Exchange.

The Irish Independent also reported this week that the company is in talks to lease the former New Ireland Assurance building on Dawson Street, which is owned by Oakmount.