Fairfax Media, publisher of The Australian Financial Review, is looking for a brand new Sydney headquarters after sealing a deal with Google to take its remaining space at Pyrmont.
After almost a decade in the Mirvac-owned building at 1 Darling Island Road, Fairfax has assigned over its remaining 9000 square metre lease over three floors to Google. Fairfax’s lease was to run until 2027.
A Fairfax spokesman confirmed the company was now looking for a cutting-edge modern premises for the media business, which controls 60 per cent of newly listed real estate portal Domain.
“We’re excited to start the search for a new Sydney headquarters for Fairfax Media,” he said.
“After a decade in our current Pyrmont offices, moving to new fit-for-purpose workspace in or around the CBD from late 2019 will be welcomed by staff and reflect our modern media business.”
Fairfax, headed by Greg Hywood, currently has about 950 staff at Darling Island and is likely to place a requirement in the market in early February for between 8000 square metres and 10,000 square metres.
While Fairfax is expected to move out by the end of next year, its relationship with Google allows it some flexibility around timing.
Due to confidentiality requirements around the Google deal, Fairfax has until January been restricted from talking to prospective landlords that will be seeking to win it as a tenant.
Google said it was still looking for new headquarters as well.
“As a result of Fairfax planning to relocate from One Darling Island we plan to take up the lease over the Fairfax-occupied levels in 2020,” Google spokesman said, “As we continue to grow, we are assessing our needs for a long-term Sydney headquarters for Google Australia.”
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