This article is from the Australian Property Journal archive
SINGAPOREAN co-working space provider JustCo has leased four floors within 15 William Street, owned by German real estate fund Deka-Immobilien Global, taking the 40,000 sqm A-grade tower in Melbourne’s CBD to full occupancy.
Will Dungey and Patrick Mount of CBRE’s office leasing team represented Deka in the deal, with JustCo represented by Lukas Kaz and Tom Backay of CBRE’s tenant representation business.
JustCo took 8,251 sqm as part of its ongoing expansion across the Asia Pacific region. The Melbourne site is one of six announced as part of its latest growth wave, which also includes sites in Sydney and Seoul.
The company’s membership base jumped by 42% over 2018, and it announced a US$177 million investment alongside Frasers Property and GIC last year to develop a co-working space platform across Asia.
Its lease at 15W follows two deals in the building struck late in 2018, with Leo Cussen Centre for Law and Bravura Solutions taking 4,200 sqm over two floors and 1,062 sqm over half a floor, respectively. CBRE also negotiated these deals.
“With the former anchor tenant moving out in June 2018, the fast tenancy turnaround signifies a solid result for the landlord,” Dungey said.
He said the key factors driving the JustCo deal were the building’s large floor plates, inter-connecting stairs, high quality end-of-trip facilities and an onsite child care centre.
Kaz said JustCo recognised that the opportunity to secure a space of this size, spread over such a small number of floors, in the centre of Melbourne was an opportunity that doesn’t come around often.
He said demand from corporate enterprise clients looking for both flexible and turn key solutions has been a major driver in the agile working sector.
Australian Property Journal
