This article is from the Australian Property Journal archive
INTERNATIONAL coworking space giant WeWork has leased 4,100 sqm of Sumner Capital’s 50 Miller Street, taking the North Sydney office tower to full occupation.
WeWork signed a 12-year lease over contiguous space from the ground floor to level four, and has also taken naming rights for the 10-level, 10,500 sqm building.
It follows The United States of America also inking a 12-year deal in the building, over 6,100 sqm in April for its consulate.
Craig Dolman of Cadigal negotiated the WeWork leas. Sumner Capital and Prime Super acquired the building in 2014, and have recently undertaken a substantial refurbishment that included a new building entrance and an upgraded foyer with a new retail area, new lift system and new end-of-trip facilities.
Manhattan-based WeWork currently has nine open locations across Australia, with another six to be announced, and is expected to open at 50 Miller Street in April, 2019.
It confirmed mid-year that it would occupy the entirety of the 10,000 sqm office component of the timber Daramu House building in Barangaroo South.
Dolman said demand remains strong for commercial office space in North Sydney as a result of improving transport and infrastructure with the Sydney Metro and Victoria Cross Integrated Station Development.
“This latest transaction shows the continued strength of North Sydney as a corporate location. Certainly the low vacancy rates and continuing demand are also a reflection of this.”
Sumner Capital was established in 2008 and manages more than $300 million of Australian real estate for local and offshore investors. It is currently raising equity for a single-asset trust, the heritage-listed 117 Harrington Street property in The Rocks in Sydney.
Australian Property Journal
