Dexus partners with TWP to grow premium flexible space offering

Dexus partners with TWP to grow premium flexible space offering 

Dexus today announced a joint venture with Singapore headquartered The Work Project (TWP) as the Australian flexible space sector transitions to the next stage of growth. TWP is majority owned by CapitaLand and is the largest premium serviced office operator in Singapore with 14 sites across Hong Kong, Singapore and Sydney.

The 50/50 joint venture brings together two premium service models to create a market leading flexible workspace business, representing 14,000 square metres of flexible space across Brisbane, Sydney, Melbourne and Perth CBDs primarily located in Dexus managed buildings. 

The joint venture will enable Dexus to retain exposure to upside in growth in flexible working as it transitions towards its long-term goal of being Australasia’s leading real asset investment manager. The new entity has a mandate to grow its operations, with the Dexus group portfolio providing many of the future sites.

Dexus Executive General Manager, Office, Andy Collins said: “On-demand premium space and services are becoming increasingly important to our customers. Partnering with a highly experienced regional operator will allow us to leverage proven expertise to expand our customer offering, providing leasing services across the spectrum including core leasing, flexible workspace, co-working, meeting and event spaces and serviced offices.”

TWP was created by hoteliers and is committed to delivering turnkey flexible spaces underpinned by 5-star hospitality values and standards. In Sydney, TWP operates the premium co-working facility at Quay Quarter Tower where Dexus is headquartered and will open additional sites in Sydney in 2024.

The operation of the Dexus Place locations will transfer to TWP, with Dexus Place and TWP retaining their brands. Dexus Place offers flexible space solutions to its customers, including access to meeting rooms and event space, while TWP sites operate a full-service workspace offering across larger scale locations, including co-working. 

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. Partnering with Dexus, one of Australasia’s leading real asset managers, will position TWP and Dexus Place for this growth. We continue to commit to delivering a premium product and service levels to the market.”