Great Room Opens Second Sydney Workspace Hits 85 Occupancy First Location
The Great Room, a flexible workspace provider, has officially launched its second Australian location in Sydney. This new space spans over 25,360 sq ft on the 14th and 15th floors of the One O’Connell Street office tower in the Sydney CBD. The building is owned and managed by LendLease.
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This new location marks The Great Room’s second venture into the Australian market in less than two years. Their first location, also in Sydney, occupies 12,912 sq ft on the 29th floor of 85 Castleragh Street, a property owned by Blackstone and managed by Australian and New Zealand-based asset manager 151 Property.
According to a press release, the workspace at 85 Castleragh Street is currently 85% occupied. The Great Room is actively looking to expand to other key Australian cities as well.
“We have received an overwhelming response to our Castleragh Street location, and have recently added an additional floor to meet the demand. We are excited to expand our footprint in Sydney with our One O’Connell location,” says Su Anne Mi, COO and co-founder of The Great Room. Mi has also been appointed as CEO-designate of the company, following the announcement of current CEO Jaelle Ang stepping down from her role in August.
She adds, “We are committed to scaling our presence in Australia, and in the coming months, we will have more announcements in key Australian cities. We are entering a new phase of growth, positioning Australia as a key market for The Great Room’s expansion.”
The new workspace at One O’Connell Street was designed by M Moser Associates and offers views of Sydney Harbour. It includes the firm’s signature Drawing Room, along with a boardroom and an event suite. The space offers various workspace solutions, including private suites, hot-desking zones, communal areas, and enterprise suites.
This new location is the first since CBRE fully acquired Industrious, the parent company of The Great Room. At the beginning of the year, the global real estate services company, which already held a 40% equity stake in Industrious, announced its acquisition of the remaining 60% equity stake for US$400 million, reflecting an implied enterprise valuation of approximately US$800 million. Industrious acquired The Great Room in May 2022.