Ericsson to quit Docklands for CBD
Ericsson will quit Docklands for the CBD – signing up for nearly three floors at Charter Hall and GIC’s 555 Collins Street, which is under construction.
The Stockholm based technology giant has leased 3350 square metre of the Property Council of Australia rated space for an initial five years.
It will relocate from 818 Bourke Street, Docklands – a 10,650 sqm tenancy it committed to for 10 years in 2006. It moved in the following year.
Then owned by GPT, the asset was in 2014 purchased by Hines which four years later sold it to Centuria.
Ericsson consolidated to Docklands from a Port Melbourne headquarters – now known as the Port+ Business Park – owned by Goodman.
It also occupied smaller offices at Melbourne Central, or 360 Elizabeth St, and Broadmeadows.
Ericsson back in town
Ericsson has leased at 555 Collins St for an initial 10 years.
It will join Amazon, Allianz Australia, Aware Super, Connective and Hub Australia at the building, replacing Enterprize House, which was built over the c1888 Federal Coffee Palace.
With the deal, 70 per cent is committed – only the top five floors of the 34 level tower remain, the landlord said.
Charter Hall is soon expected to launch a leasing campaign for second office, rising 28 storeys, next door, replacing the Victorian Civil and Administrative Tribunal office at 55 King St, on the north west corner of Flinders Lane (story continues below).
Flanking the two commercial buildings will be a multi-level podium with hospitality and retail.
GIC bought its half stake in the $1.5 billion-plus two tower project last August.
Due for completion next quarter
Colliers and JLL are leasing 555 Collins St.
Cushman & Wakefield represented Ericsson, the latest of many tenants to upgrade but downsize their office occupancy in light of work-from-home trends.
Having access to a co-work business, like Hub, for times staff might fluctuate, is also an increasingly popular option for mid and large size businesses since COVID.
“Our decision to relocate our people to 555 Collins St reflects our commitment to our Environmental, Social and Corporate Governance objectives as well as providing our people and future talent with a workplace that will inspire innovation, collaboration and productivity,” Ericsson Australia and New Zealand chief executive officer Emilio Romeo, said.
“This move will unlock an enhanced workplace experience for our people thanks to the ample amenities within the building and in the surrounding area, as well as our ability to make further progress on our sustainability goals,” he added.
555 Collins St is scheduled for completion from October with fit-outs underway.
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