If all goes according to plan, construction could begin early next year on a 40-story hybrid timber-and-structural-steel office building in Sydney, Australia. If completed as planned in 2025, the high-rise would stand 590 ft and rank as the world’s tallest timber building, beating out the current record holder, the 280-ft-tall Mjøstårnet building, in Brumunddal, Norway.

An Australian technology company, Atlassian, has hired the design team of New York City-based SHoP, and Sydney architect BVN, for its headquarters.

The design of the structure calls for a steel exoskeleton that supports its megafloors. No details of the timber structure are available. The building would have a glass and steel façade.

The project will target 50% less embodied carbon in construction compared to a conventional building and 50% less energy consumption compared with a new conventionally operated building. It will have solar panels on the vertical faces. As designed, the building will operate on 100% renewable energy from day one.