WeWork expands in Australia with seventh location
By Timothy Tay
/ EdgeProp |
WeWork, the New York-based co-working giant, has expanded its real estate footprint in Australia by signing a 12-year lease for 56,510 sq ft of office space in Melbourne’s CBD. It will occupy four levels of a mixed-use retail and commercial tower at 222 Exhibition Street, including a 13,218 sq ft outdoor terrace area on the seventh floor. The new space will be able to house over 1,100 WeWork members.
The 29-storey building was acquired in 2015 by LaSalle Investment Management on behalf of a fund it manages. WeWork’s lease agreement also includes building signage rights. The building is on a prominent corner where Melbourne’s theatre and Chinatown districts converge.
Artist’s Impression of 222 Exhibition Street, Melbourne (Picture: LaSalle Investment Management)
“Diversity of locations is key to our network strategy, and the position of this site on Exhibition St was a natural fit for WeWork’s community of members, both large and small,” says Jonathan Kearins, senior director of real estate, WeWork Australia and New Zealand. WeWork has six open locations across Australia, and the newest WeWork at Exhibition Street is expected to open in March 2019.
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