CapitaLand’s The Work Project ties up with Dexus to expand in Australia flex-office sector
Michelle Zhu
THE Work Project (TWP) – a flexible-working space operator majority-owned by CapitaLand Development (*see amendment note) – is partnering Australian property giant Dexus to form a 50:50 joint venture, The Work Project Sydney.
TWP on Monday (Feb 5) said its new 50-per-cent-owned entity is Australia’s first joint-venture premium flex co-working operator.
The joint venture will represent a combined 14,000 square metres (sq m) of flex space across the central business districts of Sydney, Melbourne, Brisbane and Perth, primarily located in buildings managed by Dexus.
Dexus and TWP will both retain their own brands, though the operations of certain Dexus sites known as “Dexus Place” will be transferred to TWP.
Dexus Place offers flexible space solutions to its customers, including access to meeting rooms and event spaces.
On the other hand, TWP was established by hoteliers and its sites operate across larger-scale locations that include a full-service workspace offering. In Sydney, the company operates a facility at Quay Quarter Tower where Dexus is headquartered.
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TWP views the joint venture as a signal of Australia as a “mature flex market with encouraging growth potential”.
“(This joint venture) helps fill a much-needed gap amid increasing demand for premium flexible space in prime locations across the region,” said Junny Lee, founder and chief executive of TWP.
“The co-working space market has evolved dramatically and together with Dexus, we have discovered a collaborative, creative and customer-centric approach to growth.”
*Amendment note: An earlier version of this story incorrectly stated that The Work Project is majority-owned by CapitaLand Investment, when it should be CapitaLand Development.
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