Great Room Opens Second Sydney Workspace Hits 85 Occupancy First Location
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Industrious, the parent company of flexible workspace provider The Great Room, has opened its second location in Australia at the One O’Connell Street office tower in the Sydney CBD. The new space spans over two floors and measures 25,360 square feet. Owned and managed by LendLease, the building is a prime location for businesses looking for a prestigious address.
This marks The Great Room’s second venture into the Australian market, less than two years after the successful launch of its first location at 85 Castlereagh Street. This first location, which is owned by Blackstone and managed by 151 Property, has already achieved an impressive 85% occupancy rate. The Great Room is now actively exploring opportunities for expansion in other key cities across Australia.
“We have received an overwhelming response to our Castlereagh Street location, leading us to add an additional floor to meet the demand. We are thrilled to continue our growth in Sydney with our new workspace at One O’Connell,” says Su Anne Mi, COO and co-founder of The Great Room. Following the recent announcement that current CEO Jaelle Ang would be stepping down in August, Mi has been appointed as the firm’s CEO-designate.
Mi adds, “We are committed to expanding our presence in Australia and will have more exciting announcements to come in the near future. Australia is a key market for The Great Room’s continued growth and we are entering a new phase that will solidify our position in this market.”
Designed by M Moser Associates, the new workspace at One O’Connell boasts stunning views of Sydney Harbour and includes The Great Room’s signature Drawing Room, a boardroom, and an event suite. The space offers a variety of flexible workspace solutions, from private suites for individuals and teams to hot-desking zones and communal areas for networking and collaboration.
The opening of this new location is a significant milestone for Industrious, which was fully acquired by CBRE earlier this year for US$400 million. CBRE, a global real estate services company, had previously held a 40% equity stake in Industrious and has now acquired the remaining 60% stake for an enterprise valuation of approximately US$800 million. Industrious acquired The Great Room in May 2022, adding to its growing portfolio of premium co-working spaces in key markets around the world.