New York-based WeWork Cos. Inc. signed heads of terms to lease the entire 8,974-square-meter office portion of the planned Clerys Quarter mixed-use development in Dublin, the Irish Independent reported, citing sources familiar with the matter.
Three months back, international investor Europa Capital paid the Natrium consortium €63 million to acquire the building on O'Connell Street, which last served as the Clerys department store. Part of the New York-based Rockefeller Group, Europa is working with local partners and shareholders, Core Capital and developer Paddy McKillen Jr.'s Oakmount, to convert the property into offices, retail and a boutique hotel.
The flexible work space provider agreed to pay rent in the region of €65 per square foot, the sources added.
Additionally, WeWork is reportedly in discussion with McKillen Jr. for a lease that will cover the office portion of the former New Ireland Assurance headquarters building on Dawson Street. The property has a 6,731-square-meter floor area and is set to be expanded to 9,207 square meters, subject to approval of the Dublin City Council, the Jan. 17 report added.