The owners of 50 Miller Street turned the 10-storey property into an A-grade asset after buying it in 2014, refurbishing the 10,500sq m building with upgrades to the entrance and foyer, and providing a new retail area and end-of-trip facilities. "We are delighted to have the building reach full occupancy so quickly and to have attracted such high-profile tenants on long lease terms," Sumner Capital director Kirby Parsonage said. Sumner Capital was established in 2008 and manages over $300 million of Australian real estate. It is raising equity for a trust consisting of the heritage-listed 117 Harrington Street property in The Rocks in the CBD. Cadigal's Craig Dolman brokered the WeWork lease. Mr Dolman said the North Sydney office leasing market was strengthening due to the suburb's access to the future Sydney Metro at the Victoria Cross station. The suburb's office vacancy rate had fallen to 6.3 per cent from 7.9 per cent in the six months to July. Premium space was the least available.
WeWork has signed a 12-year lease for a 4,100 sqm space at 50 Miller Street in North Sydney. The company is also looking to expand its Sydney office with the opening of an additional 10,000 square metres on Macquarie Street, which will be home to about 200 staff. WeWork has 15 other locations in Sydney, Melbourne and Brisbane listed on its site, with the Miller Street office expected to open in April 2019.