WeWork leases 10,000 sqm at Barangaroo South

WeWork leases 10,000 sqm at Barangaroo South

6 July 2018

Global co-working giant WeWork will lease all six floors of commercial office space at Lendlease’s newly-approved Daramu House office building at Barangaroo South.

The co-working provider will occupy 100 per cent, or 10,000sq m, of the building’s office lease, which will provide for 2,000 of its members.

Designed by Alec Tzannes, Lendlease received the green light for Daramu House – its second Barangaroo South office building – early last month. The building will include the use of sustainable timbers, as well as roof-top planting to capture rain, and solar cells to provide power to the building. 

“Daramu House will provide tenants with health and wellbeing benefits combined with a warm, clean and natural environment,” said Rob Deck, Managing Director, Barangaroo South

“This building will be Lendlease’s sixth engineered timber building in Australia, joining its neighbour, International House Sydney as well as 25 King St in Brisbane, the Forte Apartments and Library at The Dock in Melbourne, and the Jordan Springs Community Hub in Western Sydney.

“With engineering by Lendlease’s DesignMake business, Daramu House will offer ground level retail tenancies, six floors of office space constructed from cross laminated timber and glulam (glue laminated timber), a building material with a structural strength akin to concrete and steel.”

WeWork Australia senior director of real estate Jonathan Kearins welcomed the building’s addition to its fast-growing Sydney CBD portfolio.

“This site will showcase the wonderful synergies between our classic [start-up] members and our enterprise corporates.”

WeWork’s “enterprise” members are companies with 1,000 employees or more which sign up to longer leases, enterprise members make up 20 per cent of total membership for the company.

Australian enterprise companies including Microsoft, Deliveroo and Box.

“Many of our enterprise members are already located within the Barangaroo precinct, so WeWork at 1 Sussex St will provide great new amenity for them,” Kearins

“People around the world are demanding greater flexibility in how they work. WeWork’s decision to lease Daramu House in its entirety is evidence of this trend,” Lendlease managing director of urban regeneration Mark Menhinnitt said.

“It’s also a really strong endorsement of Barangaroo South.

“WeWork’s members will join the almost 20,000-strong cohort of workers that have already made Barangaroo one of Sydney’s best and most exciting places to work.”

The Australian Financial Review also reported that WeWork is close to signing a deal of up to 9,000 square metres in Mirvac’s Ann Street development which it is building for local insurance group Suncorp’s new headquarters. It announced its first Queensland location will open this year at 310 Edward Street in Brisbane.

JLL’s Daniel Kernaghan brokered the deal and the office is expected to open in early 2020.

WeWork’s newest Sydney location is expected to open in early 2020.