WeWork signs new location in Sydney
Leading flexible office space provider leases at 320 Pitt Street
SYDNEY, 22 July 2019 – WeWork is set to further expand its Sydney presence after securing approximately 11,000sqm of space at 320 Pitt Street in a 12-year leasing deal negotiated by the exclusive agents, JLL and Knight Frank.
Rohan Neville, Head of Asset Management at ARA Australia, said: “We are pleased to be the home of WeWork’s new location in Sydney. 320 Pitt Street provides a unique accommodation solution for WeWork with a dedicated ground-floor entry and exclusive use of the low rise of the building. 320 Pitt Street is at the heart of Sydney’s evolving Midtown, with close proximity to public transport as well as a wide range of nearby retail, entertainment and service amenities all adding to the precinct’s appeal and attractiveness to WeWork.”
Lachlan Buchanan, Head of Real Estate at WeWork Australia & New Zealand, said: “We are delighted to announce a new Sydney location at 320 Pitt Street. This location will provide space for companies ranging from startups to large international enterprises to thrive. 320 Pitt Street has a wonderful ability to cater for larger requirements, allowing our members to scale quickly as well as support the large enterprise companies who now represent over 40 percent of our global membership.”
Mr Hayes said: “WeWork has secured the whole low-rise of 10 floors and will have a self-contained exclusive ground-floor entry. This is the first WeWork office in this evolving part of the Sydney CBD and the company’s space solutions will provide flexibility to future tenants looking at 320 Pitt Street.”
The 32-storey A-grade building has a net lettable area of 29,000sqm. Major upgrade works are well advanced and include an expanded new lobby and end-of-trip facilities.
Aaron Weir, Partner, Head of Office Leasing, NSW, at Knight Frank said: “Securing WeWork to the repositioned 320 Pitt Street will provide optimum flexibility for occupiers. Tenants’ accommodation needs can be met on a traditional, direct basis or as a flexible corporate real estate solution, which is located within the same tower. Flexible workplace solutions are high on the list of priorities for corporate occupiers globally.”
JLL’s Mr Wong said: “The war for talent is a key driver in location decisions by businesses that want to harness creativity and will only become more prevalent. WeWork’s landmark presence at 320 Pitt Street will add to the unique diversity of the Midtown precinct, making it an even more appealing, new option for tenants with workplace flexibility and staff retention in mind.”
Tina Raftopoulos, Director, Office Leasing at Knight Frank, said: “WeWork’s members will also benefit from the building’s performance capability and capacity plus its convenient location which is well supported by plentiful 24/7 amenities and unparalleled transport connectivity.
“Additionally, the floor plates at 320 Pitt Street have natural light on all four sides and the column-free, efficient space enhances the options for vertical connectivity throughout the 320 Pitt Street WeWork facility.”
The building is close to Museum station, the new light rail route along George Street and the future Pitt Street Station on the Sydney Metro rail network.
Mr Hayes said: “Proximity to current and future transport links is a drawcard among prospective tenants of 320 Pitt Street. The value proposition of a building asset like this one is changing landlord and tenant perceptions of Sydney’s evolving precincts and offering opportunities to be part of the gentrification.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.au
About ARA Asset Management Limited
ARA Asset Management Limited is a premier global integrated real assets fund manager. As at 31 December 2018, the Gross Assets Managed by ARA Group and its Associates is approximately S$80.1 billion across over 100 cities in 23 countries. Driven by a vision to be the best-in-class real assets fund management company, ARA Group and its Associates’ businesses include REITs, Private real estate funds, Country desks, Infrastructure and Real estate management services. For more information, please visit http://www.ara-group.com.
WeWork is a global shared workspace company, connecting people in beautifully designed spaces to foster a sense of community. A membership model for workspace, WeWork provides over 466,000 members around the world with space, community, and services through both physical and digital offerings. Founded in 2010 in New York City, WeWork currently has 485 physical locations in 105 cities and 28 countries around the world. In Australia, WeWork has over 10,000 members in fifteen open locations across Sydney, Melbourne and Brisbane, with new locations announced, including its first Perth location which will open in September.
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 18,000 people operating from 523 offices across 60 markets. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit knightfrank.com.