Aussie software company Atlassian is on a desperate search for tenants for its 40-storey tower in Sydney, as it cuts 1600 jobs and finds its share price a third of what it was this time last year.
The skyscraper – built with developers Dexus – has been a key part of Atlassian boss Mike Cannon-Brookes’ vision for a bustling tech precinct in the heart of Sydney.
Atlassian Tower, currently under construction near Central Station. Picture: NewsWire/Nikki Short
In early 2025, Cannon-Brookes told The Australian that Atlassian was “such a big supporter of Tech Central – the new home for our technology industry.”
“A precinct without people is just buildings, it’s not a community,” he said.
The company was at the height of its powers when the two companies began work on ‘Atlassian Central’ in 2021, as the company approached a near-$100bn market capitalisation.
The tech giant locked themselves in for a 15-year lease as part of Cannon-Brookes’ vision to be at the heart of Sydney’s own Silicon Valley in Haymarket.
Today, the company finds itself worth around $27bn, with thousands of jobs having been cut from its workforce and a hostel set to occupy the first five floors of its building.
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Atlassian boss Mike Cannon-Brookes. Picture: Nasdaq/Vanja Savic
Atlassian Central is listed for lease by Colliers Sydney, who describe the complex as a “world-leading premium grade development”.
“Atlassian is looking for like-minded teams to join them to the anchor Tech Central, Australia’s leading technology and innovation district,” the listing continues.
“The leasing opportunity is comprised of three habitats each comprised of a concrete floor with an internal park and three timber floors above.”
Atlassian employees found themselves in a challenging habitat recently, as the company announced the firing of 1600 employees globally, including 480 roles in Australia, to free up capital for AI investments.
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Atlassian will cut about 1600 jobs as it responds to the AI era. Picture: NewsWire/Nikki Short
Boss Mike Cannon-Brookes announced the cuts in a prerecorded video posted online.
“I don’t make decisions like this lightly,” he said.
“I made this call because I believe this is the right decision for Atlassian’s long-term health.”
Atlassian is expected to move in to its new home by 2028 – whether anyone will be joining them remains to be seen.