WeWork speculated to be leasing an entire Sydney CBD office tower

WeWork – a nine-year old start up established in New York, and now Manhattan’s biggest office occupier – is reportedly close to signing a lease deal for an entire Sydney CBD building.

The co-working group is speculated to be taking up 20,000 square metre at 55 Market Street, on the south-west corner of Pitt Street.

It would be WeWork’s largest Australian commitment, following on from two Sydney deals: for 11,000 sqm at ARA’s 320 Pitt Street, and 10,000 sqm at Barangaroo’s timber Daramu House .

Artist’s impression of the high-end shopping centre Mirvac is promoting for lower levels of 55 Market Street, Sydney.

The Australian is reporting the speculated 55 Market Street lease in this item.

Elsewhere in the Sydney CBD, WeWork has rented 3700 sqm at 5 Martin Place. Last year it leased 4100 sqm at 50 Miller Street, North Sydney.

In recent years, WeWork has also leased 7000 sqm at 401 Collins Street, in the Melbourne CBD, and 4788 sqm at 25 King Street in Brisbane – the latter Australia’s largest engineered timber office – owned by the Liberman-family backed Impact Investment Group.

Opposite the Pitt Street Mall, Town Hall train station and historic Queen Victoria Building, 55 Market Street is managed by Mirvac on behalf of Chinese sovereign wealth fund China Investment Corporation.

Office occupiers within the A-grade building include Hastings Funds Management, St George Bank and Westpac.

However, the office is being advertised for lease, in its entirety.

Cushman & Wakefield’s Tim Courtnall and Rob Dickens, along with Mirvac Projects, are the leasing agents.

Mirvac is also promoting its intention to fully refurbish the ground floor retail space into a high-end shopping destination.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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