Co-working giant WeWork coming to Pitt Street
Global shared workspace company, WeWork, has further expanded its Sydney presence taking about 11,000sqm of office space at 320 Pitt St, in a major Sydney CBD leasing deal.
The transaction comes amid reports WeWork’s chief executive Adam Neumann has cashed out at more than $US700 million ($995 million) ahead of WeWork’s initial public offering later this year.
WeWork has taken a 12-year term on the repositioned Pitt St building, which is owned by ARA Australia, negotiating a ground floor entry and exclusive use of the low-rise building in the heart of Sydney’s CBD.
Commercial Insights: Subscribe to receive the latest news and updates
WeWork Australia and New Zealand head of real estate Lachlan Buchanan says the location will provide space for companies ranging from start-ups to large international enterprises to thrive.
“320 Pitt St 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% of our global membership,” Buchanan says.
The 32 level A-grade building has a net lettable area of 29,000sqm with major upgrades well advanced, including an expanded new lobby.
Agents negotiating the deal include JLL’s Justin Hayes and Alex Wong and Knight Frank’s Aaron Weir and Tina Raftopoulos.
This article originally appeared on www.theaustralian.com.au/property.