Organon Korea, a spinoff from MSD Korea, will use a shared office in Gwanghwamun, central Seoul, MSD Korea said. MSD Korea will announce the appointment of the new head of Organon Korea in October and executives moving to the new company in November.

MSD Korea recently notified employees that Organon Korea’s headquarters would be at WeWork Gwanghwamun, located at the K Twin Towers in Gwanghwamun, starting from February 2021.

NewCo Transition Lead Kim So-eun, who has been in charge of the Organon transition from July 15, led the decision on Organon Korea’s new workplace. She chose WeWork Gwanghwamun because it was near MSD Korea’s office at Seoul Square, met the security standards, and offered many advantages in terms of the timing of moving in, and securing enough space with good cost-effectiveness, Kim said.

The Gwanghwamun office had great access to transportation and convenient facilities nearby, which would be beneficial to Organon Korea’s employees, she went on to say. “Employees can also use a variety of amenities and events of WeWork. When necessary, they can also work or have a meeting at WeWork in other sites, including overseas sites,” she said.

However, some employees of MSD Korea expressed regret over the location of Organon Korea.

“The company has claimed that Organon was a strategic spinoff to focus on women’s health, biosimilars, and traditional brands and that Organon Korea is the fourth largest among global branches,” an employee at MSD Korea said. “In the end, however, the company placed Organon Korea at a shared office, which can be changed at any time.”

A local news report said WeWork, a U.S. company providing shared workplaces, was trying to pull out of Korea.

Due to the high vacancy rate amid the Covid-19 pandemic, WeWork was considering handing over its Gangbuk branch in Seoul to another shared office provider or shutting it down, the reports said. WeWork’s restructuring plan reportedly included WeWork Jongno Tower and WeWork Gwanghwamun at the K Twin Tower.

The Korea Economic Daily reported that WeWork branches were individual special purpose companies that sign a separate deal with building owners. This allowed them to cancel the contract without too much burden, the report said.

Due to the uncertainty over the WeWork Gwanghwamun office, workers at MSD Korea questioned whether the company was willing to grow Organon in Korea.

Despite employees’ resistance, MSD Korea’s procedures for the spinoff of Organon were going as scheduled, MSD Korea said.

kym@docdocdoc.co.kr

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