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 in the world.
WeWork’s planned opening in Portugal reflects the company’s growth strategy of expanding into markets with high demand for flexible workspaces. Organon, a global leader in women’s health and a valued member of WeWork worldwide, will occupy three floors of the new location.
Samit Chopra, President and COO, WeWork International, said: “We are delighted to open our first location in Lisbon and to welcome Organon as the first member of WeWork Portugal. In Lisbon, we saw a demand for flexible workspace and identified the right opportunity to continue executing 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 in 26 countries across Europe, the United States, Latin America and Asia-Pacific, with teams based in custom-designed workspaces that reflect the values, vision and business culture. John Wilkinson, Assistant Vice President, Head of Global Real Estate and Facilities Management, Organon, said: “At Organon, we recognize the value of inspiring workplaces in sought-after locations to empower employees and attract top talent. As we expand our footprint and strengthen our presence in a new city, we are excited to continue our relationship with WeWork in Lisbon and I can’t wait to move into our new space at WeWork Alexandre Herculano 50.”
For its first location in Portugal, WeWork has partnered with CBRE, the world’s largest real estate consultant, to secure Alexandre Herculano 50 – a prime city location covering the Avenida da Liberdade neighborhood and its surrounding streets, Marquês from Pombal and Praça do Saldanha.
André Almada, Director of Advisory and Transaction Services for CBRE Portugal Offices said: “We sought a solution that met WeWork’s requirements and needs for existing space and service offerings in its environment, including public transportation, amenities, and support services. C t is an excellent location, as the building is located on the corner between Rua Alexandre Herculano 50 and Rua Braamcamp, in a city with undeniable attractiveness for the WeWork offer.”
Strategically located in the heart of Lisbon’s Zone 1 and well served by a wide range of public transport, Alexandre Herculano 50 is located 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 owner’s representative, said that“It is with great satisfaction that we see WeWork opt for Alexandre Herculano 50, an iconic building with an excellent location, in one of the most desirable areas of the city. Worx is proud to be part of one of the most important office leases of the year and in which Worx helped the landlord to find an important tenant like this.”
WeWork (NYSE: WE) was founded in 2010 with the vision of creating environments where people and businesses come together and do their best. Since then, we’ve become one of the world’s leading flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces and community experiences. For more information about WeWork, visit 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 investment and services company (based on 2021 revenue ). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving customers 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; assessment and evaluation; real estate leasing; strategic advice; real estate sales; mortgage services and development services. Please visit our website at www.cbre.com.
Worx – Real Estate Consultants is present worldwide 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) Representation of clients, Appraisals Architecture and Construction, Research & Consulting, Hospitality & Leisure Tourism, Urban Planning, Property Management and Project Management.
Certain statements made in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity “, “plan”, “pipeline”, “may”, “should”, “will”, “would”, “will”, “will continue”, “will probably 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, therefore, are subject to risks and uncertainties. Although WeWork believes that the expectations reflected in the forward-looking statements are based on reasonable assumptions, it cannot guarantee that its expectations will be achieved, and actual results may differ materially from those indicated by such forward-looking statements due to a variety of risks, uncertainties and other factors. These factors include, but are not limited to, WeWork’s ability to refinance, expand, restructure or repay debt in the short and medium term; its indebtedness; its ability to raise capital by issuing shares, selling assets or incurring new debt; retail and credit market conditions; impairments; its demand for cash; changes in general economic conditions, including as a result of the COVID-19 pandemic; delays in returning and occupying the offices of customers and prospects due to the COVID-19 pandemic and the appearance of variants resulting in a parallel delay in the collection of the corresponding revenues; 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 filings with the United States Securities and Exchange Commission. WeWork may update this discussion in its periodic reports, but assumes no obligation or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments or otherwise.