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WeWork Expands Sydney Footprint with 12 Year Lease

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Global co-working giant WeWork has secured a 12-year lease on the ANZ tower in Sydney's CBD.

The deal marks the eighth Sydney location, with five open locations and a further three announced, as the co-working space provider capitalises on solid demand for office space.

Under the deal, WeWork will occupy three levels of the 42-storey tower at 161 Castlereagh Street.

GWOF fund manager Martin Ritchie said the Liberty Place co-owners welcomed the 12-year leasing deal.

“Liberty Place is now 100 per cent occupied and is not due to have any major lease expiries over the next decade,” Ritchie said.

Related: WeWork Takes Out Entire Lease of Barangaroo Office Building

WeWork has secured a 12-year lease on the ANZ tower in Sydney's CBD.
WeWork has secured a 12-year lease on the ANZ tower in Sydney's CBD.

WeWork will lease 4,433sq m on levels 26 to 28 of the building, a move that will add an estimated 950 WeWork members to the Sydney CBD.

WeWork’s Jonathan Kearins said the group was “delighted to bring WeWork to 161 Castlereagh Street and to continue to expand our Sydney portfolio”.

Earlier this year WeWork secured all six floors of office space in Lendlease’s timber office building at 1 Sussex Street, Barangaroo South.

Last month, the US based co-working space provider secured its third Melbourne location signing a 12-year lease for 222 Exhibition Street.

WeWork currently has a number of locations across Sydney and Melbourne with plans to open in Brisbane by the end of this year.

The group, founded in 2010, plan to open its latest Sydney location in Februry 2019.

Established in the USA, WeWork now has 287 locations in 77 cities and 23 countries around the world .

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Article originally posted at: https://theurbandeveloper.com/articles/wework-expands-sydney-footprint-with-12-year-lease