New York-based office space provider WeWork is close to renting its first Australian office, a refurbished heritage warehouse in Sydney’s Pyrmont, sources said.
The company that targets the entrepreneur- and freelancer-heavy cohort of Gen Y workers by offering them a sense of community – and free beer – has been looking for space in the NSW capital and could rent up to 8000 square metres in the 100 Harris St building, a former wool store.
In May The Australian Financial Review reported that developer Michael Teplitsky had purchased the building for $90 million.
Karbon Property agent James McCourt, who is marketing the building, declined to comment. Darren Williamson, a project manager with Mr Teplitsky’s Tepcorp, said he wasn’t sure “where the leasing was up to” on the property.
A move by WeWork to the building would make it neighbours with property portal Domain, which in July became the first large tenant to sign up to the renovated building on a 4000-square-metre lease.
Domain, owned by Fairfax Media, publisher of The Australian Financial Review, will start moving out of its current premises at nearby No 1 Darling Island Road and into 100 Harris St ahead of the expected completion of the refurbishment mid-next year.
Domain’s relocation has fuelled some speculation the group is preparing for a float over the coming years, although Fairfax Media has said publicly it has no plans for a trade sale or initial public offering.