SOCIAL MEDIA GIANT MOVES HOUSE
Written on the 24 November 2015
ON the back of strong and rapid business growth, LinkedIn has moved its operations to Sydney's premier business hub of Martin Place.
Over the past two years, the social media giant has expanded its footprint from one to three full floors - the catalyst for subleasing and surrendering more than 2,000sqm at its former Sydney headquarters on Pitt Street.
The social media provider has vacated three floors at 130 Pitt Street (pictured) spanning 2,300sqm and has 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 says 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," King says.
"The strategy was simple market the offering in a fast to market campaign to achieve the best fiscal result for LinkedIn.
"The successful outcome resulted in upside for all parties and was concluded in a very short timeframe."