Co-working company WeWork has forayed deeper into the WA capital, taking a 15-year lease in a building in the Perth suburb of Northbridge.
The building is owned by Warrington Property and investment bank Goldman Sachs.
WeWork is in the vanguard of Australian operators reshaping the sector, part of a sector that also includes Hub Australia, Compass, JustCo and IWG.
WeWork will occupy 3414sqm on Level 4 of William Square as the building’s repositioning is completed after the owners pulled back from selling it for about $170 million last year.
Goldman Sachs backed Warrington’s purchase of the Australian Taxation Office-occupied building for about $101 million from German fund Deka Immobilien Investment in 2015 and then supported the $62 million in works to overhaul it.
Occupiers now include the federal and WA governments and private groups, with the latest signing making the building fully occupied with a weighted average lease tenure of 7.5 years to expiry.
WeWork has about 485 locations worldwide, providing members with workspace ranging from a single desk to large private offices and as well as a community element.
The William Square presence is WeWork’s second site in Perth after it earlier this year took a lease on space at 152-158 St Georges Terrace.
WeWork’s local head of real estate Lachlan Buchanan said each new WeWork location was “thoughtfully chosen” for its role in creating environments that increased its members productivity, creativity and innovation.
“The large floor plate will allow us unique programming opportunities to provide not only space, but community and connection to more than 500 WeWork members,” he says.
CBRE’s Lachlan Lewis advised Warrington Property on this exciting project.
BY Ben Wilmot | 25 JUNE 2019
This article originally appeared on www.theaustralian.com.au/property.