Fast sale on Collins Street after WeWork exit

The historic building at 401 Collins Street was once used as the headquarters for US Army forces in World War II.

With many years left on the lease, the unexpected departure of WeWork came a blow to its landlord but the snappy sell-down of an empty building – Impact acquired 401 Collins Street in 2014 for $32 million – will be a salve. More broadly, the sale of a vacant tower is a show of confidence in an office market which, interrupted yet again by COVID-19, is yet to enjoy a full-scale return to the workplace.

On the buy side is understood to be busy commercial investor Yong Quek, who heads a family investment firm and a syndication platform. Property records show the adjoining property at 395 Collins Street, built in the 1890s in the gothic revival style, is held by interests associated with the Quek platforms.

The building at 401 Collins Street went up in 1937 as the Bank of Tokyo House and was later known as the National Trustees Building. WeWork had occupied the 10 upper levels of the tower, while the ground floor is taken by the Natural History Public Bar, on a lease until 2030.WeWork’s retreat from at least three of its facilities follows a long period of disruption for CBD co-working hubs,

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