American shared-office spaces provider WeWork has announced expansion of operations to Costa Rica, with the company signing a lease agreement to set up an office in a 6-storey building in capital San Jose.
While the facility can accommodate as many as 2,000 people, WeWork gave no details as to how many people it will hire.
WeWork will ‘leverage Costa Rica as a gateway’ to the Central American region, says Costa Rican investment promotion agency, CINDE, in a press release.
Billed as America’s second most valuable startup, WeWork builds physical and virtual shared-spaces or office for entrepreneurs. Those who share space at its office become its member, gaining access to its health insurance, internal social networks, and workshops, in addition to an annual summer retreat.
“We transform buildings into smart spaces through design and technology which drive creativity, productivity and networking among members,” says Patricio Fuks, CEO for WeWork Latin America.
The startup claims that nearly 32% of the Fortune 500 companies are its members. Elsewhere in Latin America, WeWork has operations in Mexico, Argentina, Brazil, Colombia, Peru, Chile, and Argentina.
“Working dynamics are transforming every day and this new business model is a clear example of it. WeWork´s decision to invest in Costa Rica deeply honors us and opens the opportunity for our country to further position itself in an every-changing and globalized world,” said Costa Rica´s Foreign Trade Minister Dyalá Jiménez.
The startup, valued at over US$47 billion in 2018, laid off around 300 of its staff last month.