The US serviced office group WeWork is pushing ahead with a deal to lease substantial office space in Ballsbridge, Dublin, despite an aggressive plan to cut costs after Japanese group SoftBank took majority control of the company. WeWork will lease a portion of the distinctive Oval building on Shelbourne Road in the capital. The building is owned by German property fund Patrizia, which bought it for €145m in 2016. WeWork has also been in talks to lease New Century House, a 7,400 sq metre block in the International Financial Services Centre, which is owned by a fund managed by Credit Suisse. Property sources said that deal may not go ahead, as WeWork grapples with the fallout from shelving a planned IPO this month. WeWork has
WeWork is moving ahead with plans to lease substantial office space in Dublin’s Oval building on Shelbourne Road. The co-workspace operator has signed a lease on the property and the deal is reportedly progressing. Patrizia, which owns the property, declined to comment. A WeWork spokesperson said the company does not comment on specific deals, but it is continuing to seek space in Dublin, even after fallout from the cancelled IPO. WeWork has also been in discussions to lease New Century House, a 7,400 sqm property owned by a Credit Suisse-managed fund. However, property sources suggest the deal may not go ahead. Negotiations on other properties in the city are also understood to have fallen through in the past weeks.