Deal: Herbert Smith Freehills (HSF) has advised Atlassian in relation to an unsolicited proposal by the NSW government to acquire its new Sydney headquarters, as well as on the partial sell down to Dexus to fund, develop and jointly own Atlassian’s $1.4 billion new headquarters in Sydney.

Value: N/A 

Area: Projects and infrastructure

Key players: The HSF team was led by partners Luke Simpson, Matt FitzGerald, and Nicholas Cowie, supported by senior associates Matt Wertheimer, Crusoe Flynn-Pittar and Jennifer Choi.

Deal significance: The development will be one of the most advanced and environmentally friendly buildings in the world, utilising wood for much of the structure.

Construction has now commenced on the 57,000-plus square metre development — located within the NSW state government-led Tech Central precinct in Sydney.

The development will consist of a market-leading sustainable 39-level office tower, with retail amenities and new YHA accommodation space at its base, as well as a new public realm around Central Station.

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Atlassian will occupy the office tower under a 15-year lease. 

Dexus will fund 100 per cent of the project costs during construction and will retain a majority stake in the development on completion.

Mr Simpson said that the firm values its longstanding relationship with Atlassian.

“We were extremely pleased to advise on this unique project which will set a new global benchmark in sustainability and deliver an outstanding workplace for Atlassian and a new landmark building for Sydney.

“I’d like to congratulate Atlassian on reaching such an important milestone,” he said. 

Construction is targeted to reach completion in 2027.