MELBOURNE – October 25, 2018 – Global space, community, and services company, WeWork, has announced it will lease the top six floors of commercial office space at 120 Spencer Street in Melbourne, which is owned by a CBRE Global Investors-sponsored fund. With this 15-year lease, which represents the second largest WeWork lease in Australia, the company will provide circa 8,600 square meters of high-quality office space opposite Melbourne’s busiest commuter train station, Southern Cross Railway Station.
120 Spencer Street is a 23-story, 32,223 square meter office building that features highly sought-after column-free floor plates with natural light on all sides, three street frontages, water views and two basement car park levels. These characteristics make it well-suited to serve a range of tenants.
The location will provide just over 2,000 WeWork members, from entrepreneurs and small businesses to global enterprises, an innovative and creative environment to work.
Jonathan Kearins, Head of Real Estate, Australia and New Zealand for WeWork, commented: “As we grow our presence in Melbourne, our Spencer Street location will offer companies of all scales a light-filled, collaborative and innovative workplace experience. WeWork has more than a thousand corporate members worldwide. More and more, medium, large and enterprise businesses are understanding the impact workspace can have on employee performance. At the same time, employees are increasingly demanding more flexibility and engagement with respect to their workplace.”
Chris Johnston, Director of Investment-Australia and New Zealand for CBRE Global Investors, said: “We are thrilled to welcome WeWork as a tenant because we think they are a natural fit with our education tenants as well as corporates who have been increasingly occupying the building recently.”
WeWork currently has nine open locations across Australia, with another five announced. WeWork at 120 Spencer Street is expected to open in April 2019.
For press inquiries please contact:
Tanya McCloy, WeWork
+61 405 822 926
Pam Barnett, CBRE Global Investors
+1 213 683 4368
WeWork is a platform for creators, providing over 268,000 members around the world with space, community, and services through both physical and digital offerings. Founded in 2010, WeWork currently has 287 physical locations in 74 cities and 23 countries around the world. WeWork’s members are creators who run the gamut from entrepreneurs, freelancers, and small businesses, to middle-market and Fortune 500 corporations. WeWork currently has 1,000+ enterprise member companies (businesses with at least 1000 employees around the world), representing over 20% of WeWork’s total membership.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $101.7 billion in assets under management* as of June 30, 2018.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and Investment Company for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.