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<div>A subsidiary of co-working giant, WeWork, has pre-committed to a 10 year lease of the heritage-listed, 66 King St building</div>
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<div>They have pre-committed to leasing the entire building (pictured above), which is owned by Sydney-based developer Mr Phillip George.</div>
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<div>Mr George is undertaking a $50 million upgrade to the more than 70 year old building, through Taylor Constructions, and will be tenanted by the WeWork owned Gravity co-working brand following completion of the renovation in late 2019.</div>
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<div>Owned since 2007 by Mr George, the 14 level building, located between on the corner of King and York Streets, will cover 7,300 square metres of A Grade commercial and retail space and works have now commenced.</div>
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<div>The art-deco building is heritage listed and described as "an example of art deco-modern American commercial gothic architecture, with two major light wells and a rooftop terrace, to be converted to a bar and restaurant."</div>
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<div>Mr George said “The building is perfect as a co-working environment as it is well located in the middle of the city, close to major transport links and featuring versatile, dynamic spaces well suited to the Gravity brand."</div>
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<div>“The building’s many heritage features, including a marble entrance, stairway and light wells, will be refurbished to create a truly A Grade boutique building in the heart of Sydney’s CBD”, he concluded.</div>
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<div><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/8/66%20King%20Street.jpg" alt=""></div>
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<div>CBRE’s Stuart McSorley and Nick Read who negotiated the lease said they believe the refurbishment of the building was pivotal to securing the lease.</div>
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<div>“Upon completion, the building will include new end of trip facilities, rooftop terrace and refurbishment and restoration of the existing heritage features,” Mr McSorley said.</div>
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<div>The site will also feature three retail shops and an underground basement space suited for a bar or other venue for the many office workers now congregating in the centre of the city where there are improved transport links and retail outlets.</div>
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<div>Having sold Mrs Crocket’s Food Group in 2004, Mr George transitioned and is now a property owner and developer with a wide range of residential, industrial and commercial projects worth more than $750 million across Australia.</div>
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WeWork to take up a 10 year lease at refurbished King St building

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<p>Global co-working company WeWork will lease all six floors of commercial office space at Lendlease’s recently approved Daramu House office building at 1 Sussex Street, Barangaroo South.</p>
<p>The co-working provider will occupy all 10,000 square metres, of the building’s office lease, which will provide for 2,000 of its members.</p>
<p>Designed by Alec Tzannes, Lendlease received the green light for Daramu House (pictured above), its second Barangaroo South office building, early last month.</p>
<p>Australian companies that use WeWork include Microsoft, Deliveroo and Box.</p>
<p>Daramu House is the ninth location WeWork has secured in Australia.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/7/6/WeWork%20Brisbane.jpg" alt=""></p>
<p>Last week the company announced its first Brisbane site at 310 Edward Street (pictured above) which it will open later this year.</p>
<p>Daruma House is expected to open in early 2020.</p>
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WeWork secures whole office building lease at Barangaroo

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<p>US co-working provider WeWork’s entry into Melbourne hasn’t fazed Servcorp, which says it is a luxury brand in the flexible office ecosystem.</p>
<p>Servcorp is a co-working, serviced and virtual office provider.</p>
<p>Both Servcorp and WeWork have established themselves internationally - with locations in 54 and 36 cities, respectively, according to a media release.</p>
<p class="p1">Earlier this year, WeWork leased into the iconic art deco building at <a href="https://www.urban.com.au/expert-insights/investing/66384-co-working-giant-wework-expands-into-melbourne" target="_blank">401 Collins Street </a>owned by fund manager Impact Investment Group, taking the building’s rooftop and the entire nine floors of commercial space.</p>
<p class="p1">Its arrival in Melbourne is part of a rising trend of co-working spaces in the city. Last year, Hub Australia opened Victoria’s largest coworking space, Hub Southern Cross, in Melbourne, spread across 3,900sqm and two floors of the historic Mail Exchange building.</p>
<p>Servcorp says it differentiates itself from WeWork’s hot-desking model with “limited technology”, by providing organisations with a dedicated team of in-house administration and IT professionals to ensure a smoother experience, it said.</p>
<p>“At Servcorp, we also recognise that networking can bore opportunities, but we go further than just providing a fun place to network. We provide the platform to make these interactions happen,” it said.</p>
<p>Its new Community platform (servcorpcommunity.com) allows all 35,000+ Servcorp clients across borders to engage, collaborate and network, said Servcorp’s chief operations officer Marcus Moufarrige.</p>
<p>“Servcorp has thrived based on the premise that a prestigious address, the right support network, backed by technology gives new businesses a leg up,” Moufarrige said.</p>
<p>“It’s all about first impressions and accessibility. A recognisable address backed by team and technology creates a great impression of stability, of strength and permanence,” he added.</p>
<p>It has a standardised technology suite including Wi-Fi, printing and telecommunications. Other features include in-house IT support; call-routing technology; global VOiP and cloud hosted services. </p>
<p>A start-up can access this level of technology via Servcorp’s Virtual Office starting from $50 per month.</p>
<p>For start-ups and SME’s the benefit is to tap into a global infrastructure providing a platform to really compete and for large corporations, it means a seamless transition and integration with Servcorp.</p>
<p>Servcorp has invested USD $100 million on a global communications network and offers “super-fast internet”, “business-class printers”.</p>
<p>Its travelling members have access to over 155+ office buildings and their proprietary technology, with support teams at every location to give clients a seamless experience.</p>
<p>“We have more team members on the ground than anybody else in the industry.</p>
<p>“Every location has at least 2 to 5 team members (depending on size) to help clients run their day-to-day, such as answering all their phone calls so they never miss a lead, administration so they can focus on what matters most, and other secretarial services that improve the quality of their working life”, said Moufarrige.</p>
<p>The two companies contrast in their approach, says Servcorp. </p>
<p>WeWork is known for its “pop culture”, and caters to venture capital start-up companies, which is risky and more susceptible to market downturns.</p>
<p>Meanwhile, Servcorp supports start-ups as well as global corporates.</p>
<p>Its locations are also “landmark addresses with iconic views… and state-of-the-art communications technologies”, it said.</p>
<p>This has allowed the brand to remain resilient and nimble in the face of a rapid increase in co-working office solutions on the market, it said.</p>
<p>The company welcomed WeWork’s entry into Melbourne. </p>
<p>“Competition is healthy. In fact, WeWork’s entry into Australia has been great for the entire industry.</p>
<p>“It’s made people aware of other options to traditional real estate,” said Moufarrige.</p>
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Servcorp unfazed by Melbourne launch of co-working provider WeWork

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<p>WeWork, one of the world's fastest-growing co-working businesses, has arrived in Melbourne, following on its entry into Sydney last year. </p>
<p>The co-working firm is leasing into the iconic art deco building at 401 Collins Street owned by fund manager Impact Investment Group, taking the building’s rooftop and the entire nine floors of commercial space, said a media release.</p>
<p>New York-based WeWork was founded in 2010 and has grown fast to set up more than 120 shared work spaces across 32 cities globally. The firm opened its first office at Sydney’s 5 Martin Place in the heart of the city’s central business district last year. </p>
<p>Its arrival in Melbourne is part of a rising trend of co-working spaces in the city. Last year, Hub Australia opened Victoria’s largest coworking space, Hub Southern Cross, in Melbourne, spread across 3,900sqm and two floors of the historic Mail Exchange building.</p>
<p>Liberman-family backed Impact Investment Group (IIG) bought the building for $32 million in 2014 and is currently refurbishing it. The makeover includes restoration of 401 Collins’ heritage stone front façade, mechanical upgrades and improving its energy efficiency.</p>
<p>The 11-storey building was once commandeered by General Douglas MacArthur as his headquarters for US Army forces in World War II.</p>
<p>“This marks the start of a new era for 401 Collins. We’re proud to be setting up the next chapter in this remarkable building’s life,” said Impact CEO Chris Lock.</p>
<p>“It shows that these pre-war buildings, built to endure as they were, can still contribute to Australia’s move towards lower carbon emissions.”</p>
<p>Newly claimed space on the rooftop and in the basement will see the net lettable area (NLA) increase by 360 sqm, bringing the total NLA to about 6,291 sqm.</p>
<p>WeWork’s managing director, Asia Pacific, Ole Ruch, said Melbourne is home to startups, big businesses, and creative entrepreneurs “pioneering innovation” nd it was a “natural next step for WeWork”. </p>
<p>The Hon Philip Dalidakis MP, Victorian Minister for Small Business, Innovation and Trade said, "We welcome global co-working provider WeWork to Melbourne's thriving startup community.”</p>
<p>IIG is also in talks with two Melbourne restaurateurs with plans to establish a new hospitality brand on the ground floor.</p>
<p>Current tenant, Roy Morgan Research Ltd (RMR), is expected to move out of the property in late 2017. </p>
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