The Atlassian headquarters will be built next to Sydney Central Station in New South Wales.
Due to reach 40 stories high, the office building will have an internal timber structure surrounded by an envelope of steel and glass.
At 180 metres, SHoP Architects predicts Atlassian's headquarters will be the tallest hybrid timber tower ever built when it completes in 2025. The New-York based practice is already working on the world's skinniest skyscraper.
A steel exoskeleton will support "mega floors" that will divide the tower vertically into what SHoP Architects describes as neighbourhoods, which will incorporate a mix of indoor and outdoor spaces.
Elevated parks will be located at various points in the tower, which the New York architecture practice said are designed to be comfortable to enjoy all year round.
It will be clad with an electricity-generating glass facade which will be able to "self shade" the offices inside.
Combining the steel frame with mass timber interiors will create 50 per cent less embodied carbon in the construction process compared to a traditional tower, estimates SHoP Architects.