Dublin docklands office block to sell for 53% less than 2018 value
No. 2 Dublin Landings, an office block developed by Ballymore and Oxley as part of the Dublin Landings project, was sold for €106 million in 2018 to South Korean investors JR AMC and Hana. In 2024, the property is being sold again for approximately €50 million, reflecting a 53% decrease in value. This significant drop is attributed to the financial struggles of its main tenant, WeWork, which filed for bankruptcy in 2022. WeWork renegotiated its lease, reducing the annual rent for the building from €5.38 million to €4 million. WeWork emerged from bankruptcy in May 2024 after restructuring $4 billion in debt and exiting 160 locations globally.
