25/06/2019 - 10:24

WeWork to open second Perth office

25/06/2019 - 10:24

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Global serviced office and flexible workspace provider WeWork will establish a second Perth facility in Northbridge, taking up an entire floor of Warrington Property’s recently refurbished William Square.

WeWork to open second Perth office
WeWork's tenancy deal has taken William Square to 100 per cent occupancy. Photo: Warrington Property

Global serviced office and flexible workspace provider WeWork will establish a second Perth facility in Northbridge, taking up an entire floor of Warrington Property’s recently refurbished William Square.

Warrington said WeWork had agreed to a 15-year lease of 3,414 square metres at William Square, which has been the subject of a $62 million revamp.

The lease was brokered by CBRE’s Lachlan Lewis, while WeWork at William Square is expected to open in December.

Warrington managing director David Zimmerman said the deal took William Square, which was acquired in 2015 for $101 million in partnership with Goldman Sachs, to 100 per cent occupancy. 

Knight Frank and Cushman & Wakefield were appointed by Warrington in August last year to sell the building, however, it has since been removed from the market.

“The 15-year lease with WeWork provides another pre-eminent tenant for the building, with attractive lease tenure and terms,” Mr Zimmerman said.

WeWork Australia and New Zealand head of real estate, Lachlan Buchanan, said location was a big driver of the company’s network strategy.

“Each new WeWork location is chosen for its role in creating environments that increase our members’ productivity, creativity and innovation,” Mr Buchanan said.

He said the Northbridge location would provide a convenient alternative to its Central Park tenancy, which covers 7,900sqm over seven floors and provides workspace for up to 1,600 people.

Mr Buchanan said the William Square building itself would allow WeWork to provide an innovative offering.

“In particular, 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 said.

 

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