WeWork has furthered its push into Brisbane, securing its latest space across two floors of 25 King Street, its third co-working hub in the river city.
The US co-working giant has been on a leasing spree across Brisbane — opening 7,000sq m at 310 Edward Street in Brisbane's CBD and announcing plans for 4,600 square metres at 260 Queen Street, a 13,000sq m office tower owned by international real estate firm Hines.
The company's latest lease of 4,788sq m at 25 King Street, Australia's tallest and largest engineered timber building, brings the company's presence in the country to 16 sites, with new locations announced, including its first Perth location which will open in September.
The site, adjacent to the Brisbane Showgrounds, is in the city's fringe office suburb of Fortitude Valley, where until now WeWork has not had a presence.
The deal was brokered by Impact Investment Group, in conjunction with Lendlease.
WeWork, which has 485 locations in 105 cities across 28 countries, first expanded into Australia in 2016 with its first office space at Martin Place.
The co-working giant initially rose with the advent of the gig economy and provided to an explosion of startups and eventually big companies increasingly seeking more flexible office terms.
Corporate clients now make up about a third of WeWork’s customers.
The company has a sustainability agenda. Last year the company decided to go meat free and it has set itself the target of being fully carbon neutral across our global operations no later than 2023.
WeWork head of real estate Lachlan Buchanan highlighted the Fortitude Valley location for its exemplar approach to lowering its environmental footprint in both embodied and operational carbon emissions.
“Sustainability is a core part of WeWork’s mission,” Buchanan said.
“We are focused on creating places that are vibrant, beautiful and dynamic, innovating flexible space typologies to ensure our entire portfolio offers our members a place to grow.”
Inspired by the environmental benefits and versatility of timber, 25 King showcases timber from roof to floor.
The 9-storey plus ground office tower utilises a combination of revolutionary engineered Cross-Laminated Timber (CLT) and glulam (glue laminated timber).
The property is on track for the highest achievable 6 Green Star rating from the Green Building Council of Australia, and a Platinum WELL rating – the highest achievable rating for occupant wellbeing.
“We’re thrilled to have WeWork moving into 25 King,” Impact Investment Group head of funds management Darren Brusnahan said.
“They’re an innovative company that cares about sustainability and this building is their perfect match in Brisbane.”
Earlier this week WeWork inked its largest lease to date in Australia, snaring a prime spot in 320 Pitt Street in Sydney.
The lease of 11,000 square metres, gives WeWork the whole low-rise of 10 floors and will include a self-contained exclusive ground-floor entry.
Last year WeWork took out the entire six floors of Lendlease's new timber building in Barangaroo and later signed a 12-year lease for 4,100sq m of commercial space in an office building at 50 Miller Street in North Sydney.