Great Room Opens Second Sydney Workspace Hits 85 Occupancy First Location
Renowned flexible workspace provider The Great Room by Industrious has recently unveiled its second Australian location, solidifying its presence in the country. Situated on the 14th and 15th floors of the notable One O’Connell Street office tower in Sydney CBD, the new space stretches over an impressive 25,360 sq ft. The building is owned and managed by LendLease.
This expansion comes after less than two years since The Great Room ventured into the Australian market, with its first location also in Sydney. The initial space, which occupies 12,912 sq ft on the 29th floor of 85 Castlereagh Street, is owned by Blackstone and managed by 151 Property, an asset management company based in Australia and New Zealand.
In a recent press release, The Great Room disclosed that its workspace at 85 Castlereagh Street is currently 85% occupied. They also revealed that they are exploring opportunities for multi-city expansion in key Australian markets.
“We have experienced an overwhelming response to our Castlereagh Street location, and have even added an extra floor to cater to the demand. We are thrilled to continue expanding our presence in Sydney with our new location at One O’Connell,” said Su Anne Mi, COO and co-founder of The Great Room. Mi has also been appointed as the CEO-designate of the company following the announcement of current CEO Jaelle Ang’s resignation last month.
She further added, “We are strategically increasing our footprint in the country, and in the following months, we will be making more exciting announcements in prominent Australian cities. With this, we are entering a new phase of growth that recognizes Australia as a significant market for The Great Room’s ongoing expansion.”
The state-of-the-art workspace at One O’Connell Street was designed by M Moser Associates, and it boasts breathtaking views of Sydney Harbour. The space also includes The Great Room’s iconic Drawing Room, along with a boardroom and an event suite. The workspace offers a range of options, including private suites, hot desking zones, collaborative areas, and enterprise suites.
The launch of this new location is the first since CBRE completed the full acquisition of Industrious, The Great Room’s parent company. In early 2021, the global real estate services firm, which held a 40% equity stake in Industrious, announced its acquisition of the remaining 60% equity stake for US$400 million, representing an estimated enterprise valuation of US$800 million. Industrious took over The Great Room in May 2022.
Other Industry News:
• The Great Room Successfully Opens First Australian Co-working Space with 71% Occupancy
• The Great Room Launches First Co-working Space in Sydney
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