LENDLEASE01

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Development heavyweight Lendlease has received the green light for a second timber office building at Barangaroo South. </strong></p><p>The timber building, which will be called Daramu House meaning “tree house” in the local Aboriginal language, will consist of more than 10,000sq m of commercial floor space and around 680sq m of retail.</p><p>Daramu House at Barangaroo is designed by Australian architect Alec Tzannes. On Friday, it was announced that Tzannes was awarded the Australian Institute of Architects’ highest honour – the 2018 Gold Medal.</p><p>The tower construction of Daramu comes after the completion of Australia’s first engineered timber office building in 2017, the International House Sydney also in Barangaroo, and marks Lendlease’s sixth engineered timber building in Australia.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/3808bc97-5f74-4ec7-8452-a4e4dbf1a2b6.jpg" width="1200"/></picture><div><span style="align-content:center;opacity:0.8">Daramu House which means “tree house” will be Lendlease’s sixth engineered timber building in Australia.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>It will be built at Barangaroo from <a href="https://theurbandeveloper.com/articles/australia-enters-age-of-timber-buildings-as-first-clt-plant-fires-up">cross-laminated timber (CLT)</a>, part of a new wave of pre-build construction technologies produced from timber, and Glulam, or glue-laminated timber. </p><p>The listed construction giant has also recently lodged a development application for a $292 million apartment project at Collins Wharf in Melbourne’s Docklands. </p><p>Construction of the Daramu tower, which will front Hickson Road, will include the use of sustainable timbers, as well as roof-top planting to capture rain, and solar photo-voltaic cells to supply power to the precinct. </p><p>Related reading: <a href="https://theurbandeveloper.com/articles/new-timber-vertical-village-planned-for-paris">New Timber ‘Vertical Village’ Planned for Paris</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/b3914f73-8169-4f3c-8b8d-249c765ba23b.jpg" width="1300"/></picture><div><span style="align-content:center;opacity:0.8">Daramu House will include the use of sustainable timbers.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Barangaroo South managing director Rob Deck says Lendlease is committed to achieving sustainable solutions with Barangaroo South already attaining Australia’s first 6-star Green Star Communities rating and WELL Certification.</p><p>“With engineering by Lendlease’s DesignMake business, Daramu House will offer ground level retail tenancies, six floors of office space constructed from cross laminated timber and glulam (glue laminated timber), a building material with a structural strength akin to concrete and steel,” Deck said.</p><p>The popularity of timber buildings has increased in recent years as technology advancements encourage the use of the material in construction of major building projects around the world.</p><p>Cross-laminated timber manufacturer <a href="https://theurbandeveloper.com/articles/australia-enters-age-of-timber-buildings-as-first-clt-plant-fires-up">XLam recently opened a $25 million CLT plant</a> in Wodonga. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/757358dd-004f-449c-b431-7bfe40d86311.jpg" width="960"/></picture><div><span style="align-content:center;opacity:0.8">Sumitomo Forestry announced plans earlier this year to build a 70-storey tower, called “W350”, which will quadruple the size of the world’s current tallest timber building.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Lendlease&#x27;s <a href="https://theurbandeveloper.com/articles/impact-investment-seeks-co-investors-in-worlds-largest-timber-office-building-">$140 million 9-storey 25 King Street project</a> in Brisbane&#x27;s RNA Showgrounds will be Australia&#x27;s largest timber building when completed this October.</p><p>Earlier this year a Japanese Forestry Company <a href="https://theurbandeveloper.com/articles/worlds-tallest-wooden-skyscraper-proposed-for-tokyo">unveiled plans to build a 70-storey, 350-metre tall timber skyscraper</a> that will become the world’s tallest when complete. </p></div></div></div></div></div>

Development heavyweight Lendlease has received the green light for a second timber office building at Barangaroo South. 

Bishops See Gardens development Perth

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Brookfield Asset Management has been given the go-ahead to construct a state-of-the-art office building made entirely from timber in central Perth.</p><p>The Canadian alternative-asset manager, which operates more than 32 million square metres of real estate globally, will build a 10-storey office block on the corner of Spring Street and Mounts Bay Road.</p><p>Brookfield’s development and operating arm, Brookfield Properties, and local investment and development group Hawaiian are delivering the project, which is due for completion in mid-2023.</p><p>Brookfield Properties regional director Nicholas Ozich said the timber tower had been designed to reflect the site’s heritage importance by integrating the gardens and built environment.</p><p>“The building [will] complement the garden setting by extending the workplace experience into the garden itself and the lobby is treated as an extension of the garden landscape with a blurred distinction between inside and out,” Ozich said.</p><p>The 9800sq m office building, designed by architects Donaldson Boshard, will include a large ground floor lobby, premium end-of- trip facilities and a rooftop terrace with views across Kings Park and the Swan River.</p><p>It will also offer floor plates ranging between 777 and 950 square metres to suit the growing post-pandemic market for small tenancies.</p><p>The tower will be built of cross-laminated timber (CLT), and glue laminated timber, or glulam. The innovative materials have the structural strength of traditional methods using concrete and steel but are more environmentally friendly.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/d227f36e-f878-498d-bad2-333d4b6b1e09.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ The boutique development is being delivered by Brookfield Properties on behalf of joint owners Brookfield Asset Management and Hawaiian. Image: Donaldson Boshard Architecture</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>“Sustainability has continued to be a key focus for Brookfield Properties, both in Perth and globally, with this building set to become a showcase in the portfolio,” Ozich said.</p><p>“The construction methodology uses a lower embodied carbon output than typical construction methods, provides greater efficiencies with less waste, and reduces the construction period through off-site fabrication, improving site safety and minimising the disruption onsite.”</p><p>The building will aim for a 5.5 Star NABERS rating, a 6-Star Green Star rating and an IWBI WELL Gold Core rating.</p><p>For Hawaiian, the development represents an evolution in its sustainable practises and a new challenge after delivering Western Australia’s first 5-Star Green Star rated commercial tower at 235 St Georges Terrace in 2009 alongside Brookfield.</p><p>Nearby, in <a href="https://www.theurbandeveloper.com/articles/perth-major-development-projects">Perth’s Elizabeth Quay precinct fronting the Swan River</a>, Brookfield Properties is well advanced on its proposals for <a href="https://www.theurbandeveloper.com/articles/brookfields-perth-developments-add-up-to-1bn-plus">Lots 5 and 6</a>—constructing more than $1 billion of office and residential real estate across two towers.</p><p>The combined project includes more than <a href="https://www.theurbandeveloper.com/articles/brookfield-to-sell-half-stake-in-chevrons-perth-hq-to-invesco">50,000sq m of office space and 1800sq m of retail and dining space</a> as well as an 84-room hotel and 237 apartments.</p><p>Lot 5 will now accommodate a 56-storey mixed-use development, comprising retail, waterfront dining and prime commercial office space along with residential dwellings and a boutique luxury hotel.</p><p>The smaller project at Lot 6, which began construction at the end of 2021, will comprise a 21-storey commercial office tower with views  across the river.</p></div></div></div></div></div>

    Brookfield Properties has been given the go-ahead to construct a state-of-the-art office building, made entirely from timber, in central Perth...

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>The first interior renderings and details of Pritzker Prize-winning architect Shigeru Ban&#x27;s Terrace House have been released.</strong></p><p>The project is the first in Canada for Ban. It will contain just 20 residences with nearly half the homes occupying their entire floor plate. The top seven floors will taper to create three multi-story homes.</p><p>When complete, the 19-storey tower will reach 71 metres high, making it the world&#x27;s tallest hybrid timber structure. </p><p>Earlier this year, New York-based design studio <a href="https://theurbandeveloper.com/articles/new-york-designers-envision-worlds-tallest-timber-tower">DFA created a concept for a timber-based structure</a> that, at 220 metres high, would become the world’s tallest timber structure.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/evergreen_portliving_hero_east_hires03.jpg" width="1499"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Ban was appointed by real estate developer PortLiving to design and deliver a hybrid timber structure near the foreshore of Vancouver.</p><p>As well as the oceanview location in Coal Harbour, owner amenities will include eight metre high ceilings, marble countertops and floors, smart home controls, including electronic-controlled glass-sliding panels to the terraces, in-floor radiant heating and cooling that extends to balconies, architect-designed door handles and landscaping. </p><p>The fixtures and features throughout the building, including door handles, cabinet pulls, and millwork, were all custom designed by Shigeru Ban.</p><p>The wood is sourced from a sustainably-managed forest in southeastern B.C.</p><p>[Related reading: <a href="https://theurbandeveloper.com/articles/terrace-house-hybrid-timber-building-vancouver">Curtain Lifts On Future &#x27;World’s Tallest Hybrid Timber Building&#x27; In Vancouver</a>]</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/evergreen_portliving_kitchen_hires01.jpg" width="1333"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The building is named after the terraces flanking the building which provide outdoor spaces off the living rooms, bedrooms and bathrooms in most of the residences. </p><p>These terraces are finished with ambient cove lighting and porcelain tiles selected to match the interior white oak wood flooring and to seamlessly integrate indoor and outdoor living through floor-to-ceiling sliding glass door systems. </p><p>Landscaping, designed by world-renowned and decorated landscape architect, Cornelia Oberlander, will complete each terrace and the building’s common spaces.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/evergreen_portliving_bathroom_hires01.jpg" width="1333"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Prices start at over CAD$3 million with an average 670sq m unit priced at $5.5 million, among the most expensive condos ever built in Vancouver.</p><p>“Terrace House has been thoughtfully executed and planned, drawing on Shigeru Ban’s iconic design codes to ensure that each of the 20 homes are individual works of art,” Macario Reyes, founder and CEO of PortLiving said.</p><p>“The residences each have a full suite of smart home technologies, museum-quality glazing that helps to control temperature and provides UV protection for art collections, and fully-integrated air conditioning and heating systems paired with in-floor radiant heating and cooling that extend onto enclosed balconies, creating comfort and maximising use of indoor/outdoor living spaces all year-round.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/terrace-house-shigeru-ban-vancouver-canada-waterfront_dezeen_2364_col_3.jpg" width="2364"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>Last year, Shigeru Ban completed a timber-framed office building in Switzerland. The architect is also renowned for his humanitarian work and previously designed a temporary cathedral in Christchurch following the 2011 earthquake.</p></div></div></div></div></div>

Newark Timber Tower hero 

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>New York-based real estate investment firm Lotus Equity Group have announced plans to develop the United States’ largest timber office building in New Jersey. </strong></p><p>Lotus is planning an 11-storey wooden office building to front Riverfront Square, the developer’s 11.8-acre masterplan in Newark, New Jersey. When complete, the 500,000-square foot (46,452sq m) tower will be among the largest timber buildings in the States. </p><p>The design, by Canadian studio Michael Green Architecture, comprises a “stepped” structure ascending from six, to eight, to 11-storeys. It will be constructed on concrete, with the structural components made entirely out of fire-resistant, manufactured wood.</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/-shigeru-ban-reveals-worlds-tallest-hybrid-timber-structure-">Shigeru Ban Reveals &#x27;World&#x27;s Tallest&#x27; Hybrid Timber Structure</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/4c3d653b-1967-4fc5-9516-25481589aa3c.jpg" width="1200"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>The developer’s specified that the development be environmentally friendly, and the architect preference mass timber over steel or concrete because of its sustainable credentials, as well as ease of construction.</p><p>The architect is also responsible for the US’ last “largest mass-timber building”, an office tower in Minneapolis, Minnesota. The building&#x27;s core, containing elevators and stairwells, floor systems, columns and exterior panels will all be mass timber.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/56923a21-0706-4bc8-bdf3-45e827a2c099.jpg" width="2000"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Michael Green Architects are also responsible for a 35-storey wooden building they designed for a redevelopment competition in Paris, and the eight storey CLT-structured Wood Innovation and Design Centre in Prince George, BC.</p><p>“The vision we share with Michael Green is to design the most environmentally sustainable office tower that enhances the health of tenants and the surrounding communities through efficient planning and green design,”, Lotus Equity chief executive Ben Korman said.</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/lendlease-branches-plans-second-timber-building">International House ‘Sister Building’ Proposed at Barangaroo</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/ccc0f09a-610c-4acf-9f14-779d44c3366b.jpg" width="2000"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p> “When you merge these benefits with Newark’s emerging technology sector, Riverfront Square is primed to help companies attract and retain valuable talent.”</p><p>The timber building will anchor the Riverfront Square precinct, which will eventually feature up to 186,000sq m of A-grade office space, 130,000sq m of residential space with up to 2,000 residential apartments, 9,290sq m of retail, 240 hotel rooms, 2,790sq m of arts and cultural space and a car park for 2,500 cars.</p></div></div></div></div></div>

Tech-giant Atlassian has given a first look at the world’s tallest hybrid-timber tower to be built next to Sydney’s central station in the Tech Central precinct.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Tech-giant Atlassian has unveiled a first look at the world’s tallest hybrid-timber tower to be built next to Sydney’s central station.</p><p>The 40-storey, $1 billion-plus skyscraper will anchor the NSW government-backed <a href="https://theurbandeveloper.com/articles/sydney-central-station-tech-hub-includes-atlassian-anchored-skyscraper">technology precinct</a>, Tech Central. The government plans to attract more than 25,000 workers to the emerging precinct by 2025.</p><p>Topping out at 180 metres, Atlassian’s new timber headquarters will have a glass and steel facade with solar panels incorporated into the sides, along with a mix of indoor and planted terraces with natural ventilation.</p><p>While the tech giant is yet to lodge a development application for the project, Atlassian hopes to start construction in 2021 and complete the skyscraper in 2025. </p><p>Related: <a href="https://theurbandeveloper.com/articles/timber-tower-proposals">Timber Towers Grow to New Heights: 7 Projects to Watch</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><iframe sandbox="allow-forms allow-scripts allow-pointer-lock allow-same-origin allow-top-navigation allow-presentation" class="embed-responsive-item" allowfullscreen="" frameBorder="0" style="max-width:574px;width:-webkit-fill-available" height="300px" src="https://youtube.com/embed/QGoZ5t-dq7E"></iframe></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>New York-based architects SHoP and Australian practice BVN are the design team behind the building which uses hybrid mass timber construction.</p><p>The upper floors comprise flexible office space directed at tech-businesses while the lower floors of the tower would include 480 beds of Railway Square YHA accommodation as well as the heritage Parcels Shed which would be incorporated into public space on the site.</p><p>The mass timber tower will join already-completed timber towers including Lendlease’s 30 metre Daramu House at Barangaroo and 25 King Street in Brisbane which tops out at 45 metres.</p><p>Related: <a href="https://theurbandeveloper.com/articles/toga-plans-redevelopment-sydney-tech-hub">Toga Group Plans Mixed-Use Project at Central Precinct</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/db148e98-a381-4c0a-885c-18321dbc64ae.jpg" width="960"/></picture><div><span style="align-content:center;opacity:0.8">▲ First look: Atlassian&#x27;s 40-storey building features a glass and steel exoskeleton built next to Sydney&#x27;s central station.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Atlassian co-founder Scott Farquhar said the space that they were building would be highly sustainable and highly flexible for the work of tomorrow.</p><p>“Even with a highly distributed workforce, we’ll need a place to come together. Now we can design this space especially for these new ways of working,” Farquhar said.</p><p>“Sydney has the potential to be one of the world’s leading technology cities and the creation of a tech precinct sends a loud signal that we’re in the race to take a slice of the world’s most valuable market.”</p><p>Related: <a href="https://theurbandeveloper.com/articles/sydneys-own-silicon-valley-five-global-tech-hubs-from-around-the-world">Five Global Tech Hubs from Around the World</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/6cc4d746-9598-4c2f-8538-b470bb277e82.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ The building at the Tech Central precinct includes a mix of indoor and outdoor terraces with natural ventilation.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>BVN co-chief executive officer Ninotschka Titchkosky said the build would achieve a number of firsts globally and in Australia.</p><p>“It will make what was once best practice seem inadequate and hopefully lift the ambition of the built environment across Australia,” Titchkosky said.</p><p>NSW premier Gladys Berejiklian has already shown support for the timber skyscraper in Sydney.</p><p>“Atlassian is a great Australian success story and it’s very fitting for them to have their headquarters here in Sydney,” Berejiklian said.</p><p>“Tech Central will rival Silicon Valley as the place to be.”</p></div></div></div></div></div>

Tech-giant Atlassian has given a first look at the world’s tallest hybrid-timber tower to be built next to Sydney’s central station at Tech Central.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Troubled US co-working giant WeWork has appointed ex-<a href="https://theurbandeveloper.com/articles/brookfield-to-sell-half-stake-in-chevrons-perth-hq-to-invesco">Brookfield </a>Properties head Sandeep Mathrani as its new chief executive.</p><p>Real estate industry veteran Mathrani will succeed co-CEOs Artie Minson and Sebastian Gunningham, who had been helping stabilise the company since the September departure of former CEO and co-founder <a href="https://theurbandeveloper.com/articles/wework-considers-slashing-ipo-valuation">Adam Neumann</a> in the wake of its failed IPO. </p><p>Mathrani will be tasked with turning around the fortunes of the <a href="https://theurbandeveloper.com/articles/wework-doubles-quarterly-loss">once promising startup</a>, founded in 2010 in the SoHo district of New York City to provide co-working space for freelancers and small startups.</p><p>In the nine years since its founding, WeWork rapidly expanded into 528 locations in 111 cities and 29 countries, including spaces in <a href="https://theurbandeveloper.com/articles/wework-moves-into-australias-tallest-timber-tower">Brisbane</a>, <a href="https://theurbandeveloper.com/articles/wework-takes-out-entire-lease-of-barangaroo-office-building-">Sydney</a> and <a href="https://theurbandeveloper.com/articles/-weworks-expands-its-melbourne-office-footprint-">Melbourne</a>.</p><p>Mathrani said he was honoured to be joining We Work at such a “pivotal time” in its history.</p><p>“The company has redefined how people and companies approach work with an innovative platform, exceptionally talented team and significant potential if we stick to our shared values and maintain our members-first focus.”</p><p>Mathrani will report to executive chairman Marcelo Claure, who said the appointment marks the culmination of a period of “tremendous progress” in strengthening the business.</p><p>“[Sandeep] is a proven leader with turnaround expertise in the real estate industry, and we are thrilled to welcome him to WeWork,” Claure said. </p><p>Mathrani most recently served as chief executive of Brookfield Properties’ retail group. </p><p>Prior to that, Mathrani served as chief executive of US mall owner <a href="https://theurbandeveloper.com/articles/brookfield-property-partners-make-low-ball-offer-take-full-control-mall-owner-ggp">GGP</a> Inc. GGP was recapitalised in November 2010, selling to Brookfield Property Partners in August 2018.</p></div></div></div></div></div>

Real estate industry veteran tasked with turning around troubled co-working giant 

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Dexus has confirmed it will fund, develop and invest $1.4 billion in Atlassian’s 40-storey timber tower headquarters in Sydney’s Tech Central precinct.</p><p>In a statement the ASX-listed landlord confirmed <a href="https://www.theurbandeveloper.com/articles/dexus-takes-stake-in-atlassian-skyscraper-offloads-grosvenor-place">months-long industry speculation</a> it had taken a stake in Atlassian’s timber tower that will anchor the tech precinct next to Central Station.</p><p>The development, on the 3487sq m site at 8-10 Lee Street, will comprise a 50-level office tower with retail amenities and a new YHA accommodation at its base. </p><p>It would also provide for a new public realm around Central Station.</p><p>Dexus chief executive Darren Steinberg said Atlassian would take  a 15-year lease with a tenancy for its headquarters. </p><p>“The Atlassian tower is a great example of the future of workplace and is aligned with our purpose of creating spaces where people thrive,” Steinberg said.</p><p>“We look forward to welcoming Atlassian as a new customer and co-owner onto our platform and building out our developments within the Tech Central precinct.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/d80046ae-277c-4b2b-aae9-d8d9613ae223.png" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Dexus will fund the $1.4bn development through debt facilities with potential for third party capital. Images: Dexus</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The project aims to achieve a 6-star NABERS Energy and 6-star Green Star design ratings. </p><p>New York-based SHoP Architects alongside Australian firm BVN are designing the timber tower for the wellbeing of its occupants with four-storey sections known as habitats to include <a href="https://www.theurbandeveloper.com/articles/atlassian-unveils-timber-tower-hq-at-tech-central">naturally ventilated areas</a>. </p><p>Dexus will act as development manager, funding 100 per cent of the project costs during construction, and retain a long-term equity interest in the asset. </p><p>The binding agreement is subject to planning and government approvals, which was expected at the end of this year, with construction to commence in 2022 and reach completion in 2026.</p><p>Dexus chief investment officer Ross Du Vernet said the acquisition increased the city-shaping development pipeline and provided appealing “risk-adjusted returns”.</p><p>“The exciting sustainability outcomes and initiatives championed at this development are consistent with our ambitions and will enable us to leverage this innovation across our broader platform,” he said.</p><p>Dexus will fund the costs of the development through debt facilities with the potential for third-party capital prior to completion. The development project will have no impact on Dexus’s Adjusted Funds From Operations or distribution per security in FY22.</p><p>The NSW government plans to attract more than 25,000 workers to the precinct. </p><p>The building will reach 180m high with a glass and steel facade and solar panels, along with planted terraces and natural ventilation. </p><p>A development application is yet to be lodged for the site. </p><p></p></div></div></div></div></div>

In a statement the ASX-listed landlord confirmed months-long industry speculation it had taken a stake in Atlassian’s timber tower...

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<p>The Clean Energy Finance Corporation has launched a $300-million Timber Building Program that puts the use of timber front and centre in the effort to reduce embodied carbon in the commercial and residential sectors.</p><p>The <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_50493303691644980673569" aria-invalid="spelling" data-mce-highlight-id="mce-cram_50493303691644980673569" data-mce-bogus="1" data-mce-annotation="CEFC" data-mce-lingo="en_au">CEFC</span> Timber Building Program will use tailored debt financing to support mass timber construction across Australia and deliver emissions savings in the sectors.</p><p>As the first debt program to focus on lower carbon timber construction, the <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_75223250101644980673569" aria-invalid="spelling" data-mce-highlight-id="mce-cram_75223250101644980673569" data-mce-bogus="1" data-mce-annotation="CEFC" data-mce-lingo="en_au">CEFC</span> Timber Building Program seeks to “use finance to help developers commit to timber buildings,” Ryan <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_965861606111644980673569" aria-invalid="spelling" data-mce-highlight-id="mce-cram_965861606111644980673569" data-mce-bogus="1" data-mce-annotation="Rathborne" data-mce-lingo="en_au">Rathborne</span>, <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_51560868121644980673569" aria-invalid="spelling" data-mce-highlight-id="mce-cram_51560868121644980673569" data-mce-bogus="1" data-mce-annotation="CEFC" data-mce-lingo="en_au">CEFC</span> director of property, said.</p><p>“We want to work with developers who choose to reduce embodied carbon through the use of engineered wood products over traditional construction materials such as concrete and steel,” <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_772286564131644980673570" aria-invalid="spelling" data-mce-highlight-id="mce-cram_772286564131644980673570" data-mce-bogus="1" data-mce-annotation="Rathborne" data-mce-lingo="en_au">Rathborne</span> said.</p><p>Property construction and materials are responsible for approximately 11 per cent of global energy-related carbon emissions<a title="" href="#_ftn1" name="_ftnref1" data-mce-href="#_ftn1">[1]</a>.</p><p>The 2021 <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_611607320371644980722544" aria-invalid="spelling" data-mce-highlight-id="mce-cram_611607320371644980722544" data-mce-bogus="1" data-mce-annotation="CEFC" data-mce-lingo="en_au">CEFC</span> report <a href="https://www.cefc.com.au/media/media-release/huge-potential-australia-s-opportunity-to-cut-embodied-carbon-in-buildings-and-infrastructure/" data-mce-href="https://www.cefc.com.au/media/media-release/huge-potential-australia-s-opportunity-to-cut-embodied-carbon-in-buildings-and-infrastructure/">Australian buildings and infrastructure: Opportunities for cutting embodied carbon</a>, identified the potential for the building sector to significantly cut emissions—in some instances by up to 75 per cent through using timber over conventional concrete and steel counterparts on per square meter basis.</p><p>“We are at the beginning of the journey on embodied carbon,” Rathborne said.</p><p>“Interest is growing rapidly among both the development and investment communities as the role of the property industry to support other industries by investing in low carbon materials in the supply chain gains recognition.”</p><p>Technical advances in cross laminate and glue laminate timber have made using engineered timber in construction an effective way at significantly cutting embodied carbon emissions.</p><p>The ability to sequester carbon in timber materials provides it with a negative carbon footprint which can offset other emissions, meaning construction has an overall lower emissions profile.</p><p>With a range of interest areas spanning <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_566104371221644980712261" aria-invalid="spelling" data-mce-highlight-id="mce-cram_566104371221644980712261" data-mce-bogus="1" data-mce-annotation="ommercial" data-mce-lingo="en_au">ommercial</span> and multi-residential development, the program aims to ramp up mass timber construction in large-scale construction throughout the nation.</p><p>“We are generally looking for projects that require between $20 million and $75 million in debt finance that will use low carbon engineered wood products as well as appropriately sourced and accredited timber materials to improve embodied carbon outcomes,” <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_427380382201644980711938" aria-invalid="spelling" data-mce-highlight-id="mce-cram_427380382201644980711938" data-mce-bogus="1" data-mce-annotation="Rathborne" data-mce-lingo="en_au">Rathborne</span> said.</p><p>“We are interested in projects across the office, retail, industrial, healthcare and education sectors. We are also exploring multi-residential apartments, retirement living, aged care facilities as well as hotel and student accommodation developments.</p><div><div id="ftn1"><p>“The CEFC has an extensive investment track record in each of these sectors and we are excited to have the opportunity to support innovation in construction to reduce emissions and deliver high quality projects.”</p><p>Supporting mass timber construction in new projects also helps develop local skills and experience as well as further establish supply chains and delivery capabilities to build up networks to create more opportunities for timber-based building activity in the future. &nbsp;</p><p>&nbsp;“The CEFC was established to lead the market and invest with commercial rigour to address some of the toughest emissions challenges in rapidly changing times,” Rathborne said.</p><p>“Working with businesses, institutional investors and innovative entrepreneurs to accelerate Australia’s transition to a low emissions economy, the <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_468640143571644980764277" aria-invalid="spelling" data-mce-highlight-id="mce-cram_468640143571644980764277" data-mce-bogus="1" data-mce-annotation="CEFC" data-mce-lingo="en_au">CEFC</span> has committed approximately $2 billion in debt and equity property investments.”</p><p><span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_634249118581644980764277" aria-invalid="spelling" data-mce-highlight-id="mce-cram_634249118581644980764277" data-mce-bogus="1" data-mce-annotation="Rathborne" data-mce-lingo="en_au">Rathborne</span> said the <span class="mce-spellchecker-annotation mce-spellchecker-word mce-cram_460982518591644980764277" aria-invalid="spelling" data-mce-highlight-id="mce-cram_460982518591644980764277" data-mce-bogus="1" data-mce-annotation="CEFC" data-mce-lingo="en_au">CEFC</span> has long worked to invest in market gaps and demonstration projects to showcase new and existing clean energy technologies and investment approaches.</p><p>The Timber Building Program continues this approach.</p><p>“Focusing on embodied carbon will drive demand for more sustainable materials which is a critical step towards the net zero emissions challenge,” he said.&nbsp;<br></p><p>Main image: Lendlease</p><hr><p><strong><em>The Urban Developer</em></strong><strong> is proud to partner with the </strong><strong><a href="https://www.cefc.com.au/where-we-invest/built-environment/property/" data-mce-href="https://www.cefc.com.au/where-we-invest/built-environment/property/">Clean Energy Finance Corporation</a> </strong><strong>to deliver this article to you. In doing so, we can continue to publish our daily news, information, insights and opinion to you, our valued readers.</strong></p><p><a title="" href="#_ftnref1" name="_ftn1" data-mce-href="#_ftnref1"></a>&nbsp;</p></div></div>

Backed by up to $300 million in debt finance, the CEFC Timber Building Program is encouraging mass timber construction in mid- to large-scale buildings...

TIMBER CONSTRUCTION