WeWork to launch another Melbourne co-working space
US-based coworking giant WeWork has confirmed it will open another Melbourne location, this time over four levels at the eastern end of the CBD.
WeWork will take 5250sqm on a 12-year lease at 222 Exhibition St, including an outdoor terrace area, and will have signage rights to the building. The 29-storey building was bought by LaSalle Investment Management on behalf of a fund it manages in 2015 and has since been refurbished. Title deeds list the owner as The Trust Company — part of Perpetual — after AMP Capital offloaded the block for $231 million.
Amenities in the building include a ground floor cafe and retail space, end-of-trip facilities, and lifts that are currently being upgraded.
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WeWork Australia and New Zealand senior director of real estate Jonathan Kearins says the block is a natural fit for the WeWork community given its location on Exhibition St, near the theatre district and Chinatown.
“The building and location fits perfectly with our growth strategy in the CBD market and will offer all of our Melbourne members a vibrant and energetic experience,” Kearins says.
LaSalle Investment Management asset manager for Australia Gareth Sneade says the new tenant will complement the group’s work on repositioning the building.
WeWork will open its new Exhibition Street location in March next year.
The group currently has six locations open around Australia.
This article originally appeared on www.theaustralian.com.au/property.
