Hines, the international real estate firm, and Peterson Group today announced that global community company and shared space provider, WeWork, will be One Central Plaza’s new anchor tenant. The announcement comes just one week after the decision to approve planning permission by An Bord Pleanála for the redevelopment of the former Central Bank building on Dame Street.
Marking today’s announcement, Brian Moran, Hines senior managing director of Hines, said, “We are delighted that WeWork has opted for the iconic location of Central Plaza. With planning permission just granted for this flagship Dublin development, and leasing of the building’s office component now almost fully complete, this is yet another very positive step for this unique project. Central Plaza will accommodate over 1,300 professional workers and create over 300 new full and part-time retail and hospitality jobs across the five existing buildings that make up the Central Plaza development.”
WeWork's EVP Real Estate, Patrick Nelson, said, “Expanding our Dublin portfolio with a location like Central Plaza really proves our commitment and dedication to this city. We recently opened our first location, which has been an incredible success, and we’ve seen interest from a mix of both start-ups and large corporate companies taking space with us. We look forward to welcoming new companies to this iconic location, adding to our already flourishing ecosystem of members, who will benefit from the nearby amenities, locality and transport.”
WeWork has leased space available across eight floors at One Central Plaza and is expected to move in Q4 of 2019. The re-developed office space will feature open plan and breakout meeting spaces, incorporating BER A3, and LED lighting, and creating an entirely modern environment and a desirable space in which to work. The project will also be LEED® Gold certified and Wired Score Platinum.
The office’s impressive six-meter-high wraparound entrance lobby will be accessible via a granite staircase rising from the exterior plaza in two flights to a stunning 15-meter-wide glazed façade with double-height revolving doors.
Central Plaza will include retail, restaurants and cafés at street and basement level. The existing plaza will also be expanded to create a dynamic new streetscape towards College Green and along Fownes Street and Cope Street, creating a link between the key retail and tourist destinations of Grafton Street, College Green, and Temple Bar.
Central Plaza is part of an overall masterplan that includes adjoining properties 6-8 College Green, No. 9 College Green, and 2 Central Plaza comprising the former Annex and Commercial buildings on Dame Street.
Jim O’Reilly of Knight Frank, who acted as the office agent, said, “Hines is undertaking a significant redevelopment at Central Plaza. Securing WeWork relatively early in the marketing process is a testament to the quality of the plan and the vision that Hines has had from day one. WeWork is an excellent addition to the development. They also join Amtrust, who recently pre-committed to 6/8 College Green.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totalling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering the market in 1991, Hines has built up its presence in Europe from one site in Berlin to offices in 48 cities in 11 European countries. In Europe, Hines currently manages properties in Denmark, France, Germany, Ireland, Italy, Norway, Spain and the United Kingdom, with an overall value of around 14 billion EUR.
WeWork provides more than 250,000 members around the world with space, community, and services through both physical and virtual offerings. WeWork’s mission is to help create a world where people work to make a life, not just a living. Founded in New York City in 2010 by Adam Neumann and Miguel McKelvey, WeWork currently has more than 250 physical locations in over 74 cities and 22 countries around the world.
Peterson Group is headquartered in Hong Kong with businesses in property and financial investments. Its global property arm focuses on investments in Hong Kong, Europe and Canada covering different asset classes and strategies. The group's capital arm conducts investments in alternative assets classes and capital market. Visit www.petersonhk.com for more information.