Wolanski signs Havas on at The Rocks, Sydney
One of the largest marketing communications groups in the world, Havas, will base its Australian headquarters in The Rocks, Sydney, after signing a major lease deal with Rich Lister Phillip Wolanski worth as much as $60 million.
Havas will move its Sydney business units covering 450 staff into the heritage-listed Bushell’s Building at 121 Harrington Street in a deal brokered by Cadigal.
Havas will take 6128 square metres over six storeys for a term of 10 years. Commercial terms were undisclosed, but market sources estimated the rental would have been about $950 per square metre with incentives of about 15-20 per cent.
“We are proud to be custodians of this historic building and to be able to deliver a new quality design without affecting its original fabric,” Mr Wolanski said of the former warehouse developed by Bushell’s Tea Limited in 1925.
Havas Group Australia and New Zealand chairman Anthony Freedman said the consolidation into one space was crucial for their business strategy.
“The move enables the next phase of our global ‘Better Together’ strategy, facilitating greater collaboration and co-creation between our best-in-class agencies across the group,” Mr Freedman said.
The different agencies included in the group’s move include Host/Havas, Red Agency, Havas Media, One Green Bean, Havas Sports & Entertainment, Blvd, BD Network & Co-maker.
Cadigal director Mark Tindale, who negotiated the deal, said the current Sydney office leasing market remained strong given supply levels were so tight.
“While tenant demand is patchy, it is the overwhelming lack of supply that is keeping pressure on rental levels.”
He said Havas wanted a workplace far removed from a typical office space.
“After a thorough search, the Bushell’s Building became the ideal fit for Havas with its strong street presence and whole building scale, large regular floor plates and the character offered through the high ceilings, extensive timberwork and the various tea-making features.”
He said the location was prime behind Grosvenor Place and between Circular Quay and Wynyard, where several next-generation premium-grade towers were well under way alongside the CBD light rail.
“Havas will benefit from the character and amenity of The Rocks, while being immediately connected to the pulse of the core CBD.”
Mr Wolanski’s company Denwol purchased the leasehold building in 2013 and is now undertaking a major refurbishment. Spectrum Partners has co-ordinated the leasing process and is project managing the refurbishment works, which are being undertaken by Built.
