Globally,co-working office tenants represent about 20 per cent of office markets and that is tipped to grow considerably.
The property at 320 Pitt Street is owned by ARA Australia and is 29-storeys in the heart of Sydney;'s midtown business corridor. Major upgrade works are well advanced and include an expanded new lobby and end-of-trip facilities.
WeWork will occupy the whole low-rise of 10 floors and will have a self-contained exclusive ground-floor entry. The lease deal was concluded by agents from JLL Australia and Knight Frank Australia.
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Lachlan Buchanan,head of real estate at WeWork Australia&New Zealand,said the new lease at 320 Pitt Street,will provide space for companies ranging from startups to large international enterprises to thrive.
"320 Pitt Street 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 percent of our global membership,"Mr Buchanan said.
Rohan Neville,head of asset management at ARA Australia,said 320 Pitt Street is at the heart of Sydney’s evolving Midtown,with close proximity to public transport including the nearby Metro station in Martin Place.