American shared workspace provider WeWork has inked a leasing deal with building owner ARA Australia for 320 Pitt Street in Sydney's CBD.

The 32-storey A-grade building has a net lettable area of 29,000sqm.

Major upgrade works are well advanced and include an expanded new lobby and end-of-trip facilities.

JLL’s Justin Hayes, Director, Office Leasing – NSW, and Alex Wong, Director, Office Leasing – NSW, managed the deal on behalf of ARA Australia.

At a glance:

• WeWork has inked a 12-year leasing deal with building owner ARA Australia for 320 Pitt Street in Sydney's CBD.
• The deal was managed by JLL's Justin Hayes and Alex Wong.
• The 32-storey A-grade building has a net lettable area of 29,000sqm and is in the midst of major upgrade works.

Head of Asset Management at ARA Australia, Rohan Neville said the address was at the heart of Sydney's evolving Midtown.

"The provides a unique accommodation solution for WeWork with a dedicated ground-floor entry and exclusive use of the low rise of the building," he said.

"There is close proximity to public transport as well as a wide range of nearby retail, entertainment and service amenities all adding to the precinct’s appeal and attractiveness to WeWork.”

WeWork has secured the whole low-rise of 10 floors and will have a self-contained exclusive ground-floor entry.

The new location will be the first WeWork office in this evolving part of the Sydney CBD.

Head of Real Estate at WeWork Australia & New Zealand, Lachlan Buchanan said the location would provide space for companies ranging from startups to large international enterprises to thrive.

The building at 320 Pitt Street has a wonderful ability to cater for larger requirements, allowing our members to scale quickly as well as support the large enterprise companies who now represent over 40 per cent of our global membership," he said.

Aaron Weir, Partner, Head of Office Leasing, NSW, at Knight Frank said securing WeWork to the repositioned 320 Pitt Street would provide optimum flexibility for occupiers.

"Tenants’ accommodation needs can be met on a traditional, direct basis or as a flexible corporate real estate solution, which is located within the same tower," he said.

"Flexible workplace solutions are high on the list of priorities for corporate occupiers globally.”

The building is close to Museum station, the new light rail route along George Street and the future Pitt Street Station on the Sydney Metro rail network.

Mr Hayes said proximity to current and future transport links was a drawcard for prospective tenants.

"The value proposition of a building asset like this one is changing landlord and tenant perceptions of Sydney’s evolving precincts and offering opportunities to be part of the gentrification," he said.

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