WeWork continues Sydney co-working spree

Sydney’s CBD.

Co-working giant WeWork is stepping up its rise across Sydney by striking a deal to take a major slice of space at the Liberty Place complex at Castlereagh St, in the central business district.

WeWork has been on a spree, taking up space in the city and surrounds, including in Pyrmont, as it looks to put its stamp on the market.

It has struck deals with private developers as well as listed groups, including Dexus.

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The latest deal is with GPT and its co-owners at Liberty Place. WeWork has struck a 12-year lease for three floors of premium grade office space in the tower, where it will open next ­February.

It will occupy 4433sqm on levels 26 to 28 of the ANZ Tower, ­accommodating 950 WeWork members.

The 42-level ANZ Tower has sweeping harbour and city views, a dual-street frontage connecting Castlereagh and Pitt streets and the outdoor Liberty Place plaza.

GWOF fund manager Martin Ritchie says the Liberty Place co-owners are pleased to attract the co-working group.

WeWork is set to expand its operations across Australia.

“WeWork has helped revolutionise the use of workspace worldwide, particularly in how it has enabled both start-ups and larger enterprises to secure high-grade office space in central locations,” Ritchie says. The tower is now fully occupied.

WeWork Australia and New Zealand senior director of real ­estate Jonathan Kearins says the group is expanding its Sydney portfolio and the firm’s general manager, Balder Tol, says the ­facility will add to the existing precinct.

The US-based co-working space operator has been active in Sydney and in July confirmed it would open its doors in Lendlease’s timber office building at Barangaroo South. It will lease all six floors of office space across more than 10,000sqm at 1 Sussex St.

The Hong Kong Monetary Authority and Lendlease’s Australian Prime Property Fund Commercial in July teamed up to swoop on that Lendlease complex for about $250 million.

Other WeWork locations in Sydney include 64 York St and 383 George St, and last month precommitted to a 10- year lease of the entire heritage-listed, 66 King St building, owned by Sydney-based developer Phillip George.

The group has taken two sites in Melbourne and another in Brisbane.

This article originally appeared on www.theaustralian.com.au/property.