Sydney, 24 November 2015 – Social media giant LinkedIn has subleased and surrendered more than 2,000sqm at its former Sydney headquarters on Pitt Street after moving its operations to the city’s premier business hub, Martin Place.
Off the back of strong and rapid business growth, which saw LinkedIn expand its footprint from one to three full floors over a two year period, the social media provider recently vacated three floors at 130 Pitt Street spanning 2,300sqm. LinkedIn inked a new lease for more than 3,747sqm at 1 Martin Place, which has now increased to 5,355sqm to accommodate its expanding Sydney business.
Marketing specialist Sensis has signed a 19-month term sublease deal on level 10 and 11 of LinkedIn’s former Pitt Street home, comprising 1,539sqm.
Meanwhile, global management consulting firm Partners in Performance has entered into a direct five year lease of 756sqm across level 15 of the building.
CBRE Office Services Associate Director Jamie King said the finalised deals were a great result for LinkedIn.
“Following the move to 1 Martin Place, LinkedIn was eager to sublease or surrender its Pitt Street leases and generate as much cash recovery as possible,” Mr King said.
“The strategy was simple – market the offering in a fast to market campaign to achieve the best fiscal result for LinkedIn. Crucial to this strategy was partnering with Investa, the head lessor, to understand the key drivers for any long term tenant.
He added: “The successful outcome resulted in upside for all parties and was concluded in a very short timeframe.”
Mr King said the space benefitted from existing fitouts on whole floor plates of circa 765sqm – levels 10 and 11 being contiguous and level 15 non-contiguous.
“Due to the quality fitouts offered by this property, location and either single or multiple floor offerings, the floors had broad appeal in a market seeking value for money,” Mr King explained.
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