WeWork pulls out of deal to rent Dublin office

WeWork pulled out of a deal to rent space in a Dublin office block, according to sources.

The company had been in talks to take space at Central Quay, an office block in Dublin's Docklands controlled by Hibernia Reit, but that deal will not take place now, according to the sources. The negotiations fell apart because of specific factors about the building, and other deals in Dublin are still going ahead, one of the sources said.

“We’re committed to Dublin and excited to continue growing such a strong community here in the city,” WeWork said in a statement. “We consider many buildings in the markets in which we’re located, but of course may not decide to proceed with all of them. We look forward to continuing to work with the Dublin real estate community to bring great office space, design and amenities to market.”

A representative for Hibernia Reit declined to comment.

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The collapse of the negotiations over Central Quay comes as WeWork grapples with the fallout from parent company We Co's decision to withdraw its initial public offering (IPO), a process that cost chief executive Adam Neumann his job.

Deals for other office buildings largely leased to WeWork also are on the line. Saudi Arabia-based Sidra Capital pulled out of a £90 million (€101m) deal to purchase a London building leased to WeWork, separate sources said last month.

Talks have also stalled on the sale of WeWork Waterloo in London, which the company describes as the largest co-working facility in the world.

WeWork has about 400,000sq ft of office space across five sites in Dublin. While the firm counts small businesses and individuals among its clients, companies such as Amazon and Facebook have also taken space in their buildings.

– Bloomberg