In a further sign of continued demand and strength for the Sydney office market, co-working group The Commons has secured four floors of space in the newly redeveloped 388 George Street office tower, co-owned by Brookfield and Oxford Investa Property Partners (OIPP).
Joining fellow commercial tenants Aware Super, QBE, Core Logic, ECP Asset Management and Johnson Partners, The Commons will occupy approximately 4,000 square metres of space from the mezzanine to Level 3 after signing a long-term lease and will move in progressively from April 2022.
Established in Melbourne by former school mates, Cliff Ho and Tom Ye, The Commons is one of Australia’s leading co-working operators, with 7 established locations, defining its business model as “Australia’s most creative eco-system consisting of entrepreneurs, businesses and curious minds working, connecting and growing under one roof”.
Danny Poljak, Executive Vice President and Co-Head Brookfield Properties, said: “We recognised early in the redevelopment of 388 George Street that given the location and atrium design, the building would be well suited for a flexible space offering. The Commons’ plans for its space - which will include flexible meeting spaces for our other office tenants - will be a great attraction for the building. We look forward to The Commons opening their doors early next year.”
Cliff Ho, one of the founders of The Commons, said: "We have been searching for the perfect site in Sydney’s CBD for several years now and we are happy to announce that The Commons will be opening our largest space on 388 George Street early next year. We will be working with great local designers to bring new life into this iconic building and location.”
“With flexible workspace booming, we can’t wait to expand our community and bring the best of The Commons to Sydney’s CBD.”
Nicole Quagliata, Fund Manager, OIPP, said: “Oxford Investa Property Partners is excited to welcome our latest tenant, The Commons, to 388 George Street in 2022. This major lease deal demonstrates the strong demand in the market for well-located, high-quality commercial office spaces in the Sydney CBD, which provide tenants with the amenity and community that they are seeking from their work environment.”
The commercial tenants are well serviced by retail amenity, with Locali by Romeo’s operating its signature supermarket and food hall concept beneath the tower. Other retailers in the precinct include luxury goods retailer Bally and streetwear brand Sneakerboy.
About 388 George Street
388 George Street sits on one of Sydney’s busiest intersections on what is fast becoming the George Street Boulevard. Outstanding transport options, easy access to some of the world’s best-known luxury brands and outstanding everyday amenity. It is jointly owned by Brookfield and Oxford Investa Property Partners (OIPP).
388 George Street was completely refurbished and reimagined in 2020, and the office space in the main tower now includes activated atriums to enhance connectivity, new ceilings, carpets, bathrooms, lift floor lobbies, new chillers, and on-floor amenities to enable highly productive 1:10 workspace densities. It is already home to Aware Super and QBE.
The ground plane and new pavilion building was designed by architects FJMT and provides five levels of commercial and retail space, a rooftop bar and flagship retail stores. It was designed to complement the rich history of the site, incorporating a custom-designed curved sandstone and glass façade inspired by the topography of the surrounding CBD landscape.
About Brookfield Properties
Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality and logistics, operating more than 650 properties and nearly 325 million square feet of real estate in gateway cities around the globe on behalf of Brookfield Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development and management of buildings and their surroundings, Brookfield Properties is reimagining real estate from the ground up. For more information, visit www.brookfieldproperties.com.
About OIPP
Oxford Investa Property Partners (OIPP) is a A$2.3 billion portfolio of high-quality commercial office assets owned by Oxford Properties. Oxford is the strategic asset manager jointly managing the portfolio with Investa which provides investment, asset, property, project and development management services. The OIPP portfolio comprises 6 institutional grade office buildings located in Sydney and Melbourne. OIPP was formed after Oxford Properties’ $4.5 billion take-private acquisition of Investa Office Fund REIT in 2018.
