April 5, 2022, Lisbon, Portugal - WeWork Inc. (NYSE: WE) today announced plans to open the first WeWork location in Lisbon, Portugal, at Alexandre Herculano 50. The building will open in summer 2022 and will mark the 39th country for WeWork globally.
WeWork's planned opening in Portugal reflects the company's growth strategy of expanding into markets with strong demand for flexible workspace. Organon, a global leader in women's health and a valued WeWork member around the world, will occupy three floors of this new location.
Samit Chopra, President & COO, WeWork International, said: "We are delighted to open our first location in Lisbon and welcome Organon as our first WeWork Portugal member. In Lisbon, we saw a demand for flexible workspace and identified the right opportunity to continue to execute on our strategic growth plans. We look forward to bringing our flexible workspace solutions to an exciting new market."
Organon currently partners with WeWork in 34 cities across 26 countries in Europe, the U.S., Latin America and Asia Pacific, with teams based across custom-designed workspaces that reflect the company's values, vision and culture. John Wilkinson, AVP, Head of Global Real Estate & Facilities Management, Organon, said: "At Organon, we recognise the value of inspiring workplaces in sought-after locations to empower employees and attract top talent. As we expand our footprint and build our presence in a new city, we're thrilled to continue our relationship with WeWork in Lisbon and look forward to moving into our new space at WeWork Alexandre Herculano 50."
For its first location in Portugal WeWork partnered with CBRE, the world's largest real estate consultant, to secure Alexandre Herculano 50 - a prime location in the city covering the Avenida da Liberdade area and its surrounding streets, Marquês de Pombal and Praça do Saldanha.
André Almada, Director of Offices Advisory & Transaction Services from CBRE Portugal said: "We looked for a solution that met WeWork's requirements and needs in terms of space and existing services offer in its surroundings, namely with regard to public transport, amenities and support services. It is an excellent location, as the building is located in the corner between Rua Alexandre Herculano 50 and Rua Braamcamp, in a city of undenyable attractiveness for WeWork's offer."
Strategically located in the heart of Lisbon's Zone 1 and well served by a wide range of public transport, Alexandre Herculano 50 lies in a dynamic and attractive economic hub of the capital, and is home to many national and international companies. WeWork will occupy six floors of the building, including the Gallery and floors five through nine, with an outdoor terrace on the top floor with views of the river and St George's Castle.
Bernardo Zammit e Vasconcelos, Head of Agency at Worx Real Estate Consultants, acting as the landlord representative commented that: "It is with great satisfaction that we see WeWork opting for Alexandre Herculano 50, a landmark building with an excellent location, in one of the most sought after areas of the city. Worx is proud to be part of one of the most important office leasing deals of the year and in which Worx assisted the landlord in securing an important tenant such as this one."
WeWork (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we've become one of the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Worx - Real Estate Consultants has a worldwide presence through its alliance with BNP Paribas Real Estate. It is one of the main real estate consultants in Portugal providing, since 1996, a wide range of services in various branches of the Real Estate sector, namely: Investment, Agency (offices, retail, industrial) Client Representation, Architecture and Construction Assessments, Research & Consulting, Tourism Hospitality & Leisure, Urban Planning, Property Management and Project Management.
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "pipeline," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Although WeWork believes the expectations reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, WeWork's ability to refinance, extend, restructure or repay near and intermediate term debt; its indebtedness; its ability to raise capital through equity issuances, asset sales or the incurrence of new debt; retail and credit market conditions; impairments; its liquidity demand; changes in general economic conditions, including as a result of the COVID-19 pandemic; delays in customers and prospective customers returning to the office and taking occupancy as a result of the COVID-19 pandemic and the emergence of variants leading to a parallel delay in receiving the corresponding revenue; and WeWork's inability to implement its business plan or meet or exceed its financial projections. Forward-looking statements speak only as of the date they are made. WeWork discusses these and other risks and uncertainties in its annual and quarterly periodic reports and other documents filed with the U.S. Securities and Exchange Commission. WeWork may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.