Dexus announces JV with The Work Project
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The news: Dexus has partnered with Singapore-headquartered The Work Project (TWP) to create a flexible workspace business.
The numbers: The 50/50 joint venture will represent 14,000 square metres of flexible space across the Brisbane, Sydney, Melbourne and Perth CBDs, primarily located in Dexus-managed buildings. TWP has 14 premium serviced offices across Hong Kong, Singapore and Sydney, where it has three offices including Quay Quarter Tower where Dexus is headquartered.
The context: The joint venture will enable Dexus to retain exposure to upside growth in flexible working, it said in an announcement. Dexus' executive general manager for office, Andy Collins, said the partnership would expand its customer offering and provide leasing services across core leasing, flexible workspace, co-working, meeting and event spaces and serviced offices.
Dexus Place offers flexible space solutions including meeting rooms and event spaces, while TWP operate a full-service workspace, including co-working. Dexus Place locations will transfer to TWP but both will retain their brands.
What they said: TWP founder and CEO Junny Lee said: “The next stage of growth in the flexible workspace sector will be where operators can become an inseparable extension and additional offering to a landlord’s business”.
The source: Dexus announcement
