WeWork to take up a 10 year lease at refurbished King St building

A subsidiary of co-working giant, WeWork, has pre-committed to a 10 year lease of the heritage-listed, 66 King St building

 

They have pre-committed to leasing the entire building (pictured above), which is owned by Sydney-based developer Mr Phillip George.

 

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.

 

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.

 

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."

 

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."

 

“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.

 

 

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.

 

“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.

 

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.

 

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.