Great Room Opens Second Sydney Workspace Hits 85 Occupancy First Location
The latest expansion of The Great Room by Industrious has officially opened its doors in Australia. Situated on the 14th and 15th floors of the One O’Connell Street office tower in Sydney’s CBD, the new space covers 25,360 square feet and is managed by LendLease, the owner of the building.
This marks the second Australian location for The Great Room, less than two years after its successful launch in the country. The first location, occupying 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.
According to a press release, the occupancy rate for The Great Room at 85 Castlereagh Street currently stands at 85%. The company also stated that it is actively looking into expanding into other major cities in Australia.
“We are thrilled with the response to our Castlereagh Street location, which has led to us adding an additional floor to cater to the demand. We are excited to continue building our presence in Sydney with the launch of One O’Connell,” says COO and co-founder of The Great Room, Su Anne Mi. Mi has also been appointed CEO-designate of the company, following the recent announcement of current CEO Jaelle Ang’s departure in August.
“We are committed to expanding our footprint in Australia and in the coming months, we will be making more announcements about our expansion into key cities across the country,” adds Mi. “This marks the start of a new phase of growth for The Great Room, with Australia playing a crucial role in our continued expansion.”
The new workspace at One O’Connell Street was designed by M Moser Associates and boasts views of Sydney Harbour. It features The Great Room’s signature Drawing Room, as well as a boardroom and event suite. The space offers a variety of workspace options, including private suites, hot-desking zones, communal areas, and enterprise suites.
This opening marks the first expansion since CBRE fully acquired Industrious, the parent company of The Great Room. In January, the global real estate services company, which previously held a 40% equity stake in Industrious, completed the acquisition of the remaining 60% equity stake for US$400 million, valuing the company at approximately US$800 million. The acquisition of The Great Room took place in May 2022.
The Great Room’s first Australian location opened with 71% occupancy, and the company has since continued to grow and expand in the country. The opening of the new location at One O’Connell Street is a testament to the company’s success and its commitment to further expansion in key Australian markets.
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