A dramatic bankruptcy in the United States has left Monaco’s newest architectural centrepiece without a tenant. The Renzo Piano-advised building replacing the former Portier roundabout — once set to host the European flagship of luxury co-working brand NeueHouse — is now facing an uncertain future.
NeueHouse, the members-only workspace known for its celebrity clientele and lavish design, filed for Chapter 7 bankruptcy in September after announcing the abrupt closure of all its locations across Los Angeles and New York. The move left Monaco’s nearly completed 150-metre-long structure without an operator, just months ahead of its expected shell delivery at the end of 2025.
NeueHouse collapse: a $83 million downfall
The sudden shutdown followed years of financial turmoil and internal mismanagement. According to bankruptcy filings reviewed by the Los Angeles Times, the company’s debts ballooned to $83.7 million by March 2025, with liabilities across leases, failed restaurant ventures, and unpaid taxes.
NeueHouse’s Hollywood flagship — housed in the historic CBS Studios building on Sunset Boulevard — was once a hub for the city’s creative elite. It hosted Netflix premieres, HBO parties, and panels with stars like Keanu Reeves. But behind the scenes, executives had overrun their expansion budget by a reported $40 million and committed to high-rent leases that strained cash flow.
Despite attracting high-profile investors and opening architecturally notable venues, the business model proved unsustainable. By late 2024, it had reportedly ceased rent payments, faced lawsuits, and laid off nearly half its 300 employees. Founder Joshua Abram passed away in August, just one month before the company shuttered completely.
Monaco left without a flagship tenant
In Monaco, the NeueHouse-branded development – approved in 2021 – was intended to house co-working spaces, cultural venues, and a rooftop restaurant, echoing the hybrid model of its US locations. The project was backed by the State and designed by architect Emmanuel Deverini, with early conceptual guidance from Renzo Piano to integrate seamlessly with the adjacent Mareterra extension.
But with NeueHouse now defunct, the future of the site — previously marketed under the NeueHouse name — is unresolved. During September’s Journées européennes du patrimoine, construction manager Romain Bizet confirmed to visitors that the building is structurally close to completion, but its interior remains a blank canvas.
“The shell will be delivered by the end of the year,” Bizet said, “but the layout depends on the future tenant, which hasn’t been confirmed.”
A green gateway with no defined role
The five-level structure, developed by J.B. Pastor & Fils, is one of Monaco’s most visible new urban features. Designed to hide the previously exposed ‘dorsale’ traffic ramp, it will be clad in mature vegetation and planters, aligning aesthetically with Mareterra. The exterior uses the same natural stone and ultra-performance concrete (BFUP) seen in the neighbouring marine extension.
The project also includes a pedestrian plaza, multiple public footbridges and lifts linking boulevard Louis II to the Larvotto and Mareterra zones.
Despite the delays and the tenant setback, the State remains committed to the project. Discussions are believed to be underway with prospective operators, though no public timeline has been given.
When contacted by Monaco Life, the government’s Department of Finance and Economy said it was not appropriate to comment on the situation.
The end of an era, and a pause before the next
The site was previously home to Ni Box, a six-storey youth centre opened in 2010, which included a bowling alley and nightclub. Its demolition signalled Monaco’s shifting focus toward mixed-use, eco-conscious urban design — ambitions that NeueHouse, at least initially, seemed well-suited to deliver.
But the global implosion of the brand has cast doubt over the model itself, leaving behind architecturally ambitious yet empty properties from Venice Beach to Downtown Los Angeles — and now, Monaco.
As the Portier development nears external completion and awaits a new chapter, the name NeueHouse will likely disappear from any future branding.
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Main photo by Monaco Life
