NEW YORK, NY – July 3, 2023 – WeWork Inc. (NYSE: WE) (“WeWork”), the leading global flexible space provider, today announced a franchise partnership with Garnier & Garnier, one of Costa Rica’s best known and most reputable real estate development companies, giving Garnier the exclusive right to grow and operate WeWork’s existing locations in Costa Rica. The deal also grants Garnier exclusive rights to grow and operate the WeWork franchise in Dominican Republic, El Salvador, Guatemala and Panama. Garnier has a significant presence throughout Costa Rica and is the partner of choice for a host of international brands, including Waldorf Astoria and Six Senses.
The franchise partnership combines the strength of WeWork’s brand and product with Garnier’s proven local operating expertise in real estate design, development and operations. WeWork opened its first Costa Rica location in 2019 at WeWork C3 Cariari in San Jose, followed by WeWork Escazu Village in 2022. WeWork has since seen strong demand from companies seeking flexible space solutions – this partnership will power growth and unlock the significant regional opportunity.
Mathieu Proust, COO, International and Global Head of Franchise, WeWork said: “Our franchise model is core to our strategic growth plans; combining the global strength of the WeWork brand with local capital and expertise to expand to new markets. As the partner of choice for a host of international and residential brands, Garnier is a sophisticated operator and exceptionally well placed to expand the WeWork product and experience across Central America and the Caribbean.”
Claudia Woods, CEO WeWork LATAM, said: “Within WeWork’s framework for development, growth and positioning in the region, we feel absolutely confident that the best player to continue promoting the business is Garnier & Garnier. Expanding our footprint in Central America will strengthen our presence in the region and help fuel the growth and enormous potential of flexible work. We are excited to welcome our new partner to the WeWork family”.
Focused on the development of industrial parks and free trade zones, corporate office parks, and hospitality/residential projects, Garnier brings a sustainable and innovative approach to traditional real estate development.
“Shared office spaces are becoming more and more popular – both with companies located in Costa Rica and in other parts of the world – because business leaders recognize these office spaces as a much more flexible option to meet their immediate needs and deliver a unique experience to attract and retain their talent. We see enormous potential in the alliance we have developed with WeWork and the value of its brand worldwide”, commented Philippe Garnier, CEO of Garnier & Garnier.
WeWork offers members of all sizes, from small startups to large enterprises, private office space and suites, as well as space for members using WeWork All Access, the company’s subscription membership that provides access to hundreds of WeWork locations across the globe, and WeWork On Demand, which offers pay-as-you go access to workspaces and meeting rooms in over 320 locations globally. WeWork’s space management solution, WeWork Workplace, provides companies with a universal platform that enables inventory management across office spaces, enhanced employee experiences and space optimization through insights and analytics.
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 Garnier & Garnier
Garnier & Garnier Desarrollos Inmobiliarios is a Costa Rican group with more than 25 years of experience in the conceptualization, development, and disposition of Real Estate Projects throughout Costa Rica. Garnier has been involved in the design and construction of over 1,500,000 square meters of development throughout its history, with well over $500 MM of construction in the last 5 years. Focused on the development of industrial parks and free trade zones, corporate office parks, and hospitality/residential projects, Garnier brings a sustainable and innovative approach to traditional real estate development. www.garnier.cr