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Growing demand for flexible workspace has prompted Lendlease to launch a tie-up with provider The Great Room.
The developer has partnered with the Singapore-based coworking operator to provide 2356sq m of flexible space at its One O’Connell Street asset in Sydney.
Levels 14 and 15 will be repositioned as a hospitality and amenity-focused coworking space operated by The Great Room, which launched in Australia this year at 85 Castlereagh Street.
Despite return-to-office mandates by several Australian corporations, interest in coworking space and smaller office footprints has remained strong, helped along by it opening up prime and A-grade offices to smaller companies.
Lendlease Investment Management head of asset management Scott Meehan said that “as Sydney’s CBD continues to evolve, the demand for versatile flexible workspace solutions that elevate the working experience will continue to grow”.
It also aligns with One O’Connell’s focus on wellness, collaboration and productivity, he said.
The Great Room chief executive officer Jaelle Ang said the new deal “justified our expansion into Australia”.
“After achieving over 70 per cent occupancy within the first couple of months, increased demand will also see the opening of an additional floor at 85 Castlereagh Street by end of year,” she said.
The coworking specialist has 12 locations across Asia Pacific including Singapore, Bangkok, Hong Kong and Sydney.
It was acquired by New York coworking business Industrious in 2022, adding 160 destinations in the US, UK and Europe to The Great Room roster. Further expansion in Australia is planned.
Ang said, given its focus on hospitality and wellness, Sydney was a natural fit for the first Australian operation.
“We are keen to expand our Australian footprint in other cities, but Sydney will remain our focus for the near future due to the success of our inaugural office and the relationships forged to date.”
