Liberty Flexible Workspaces has taken on 1,100sqm of flexible workspace in Perth’s Exchange Tower, following Victory Offices' liquidation.
Perth co-working provider Liberty Flexible Workspaces is taking on the workspace in Exchange Tower that Victory Offices vacated following its recent liquidation.
Liberty will occupy the seventeenth level of the GIC Real Estate owned asset, taking on the 1,100 square metres Victory Offices used to occupy.
The Victorian Supreme Court late last month determined that Victory Offices be wound up, following a protracted legal battle between the company and Its creditors.
The company entered voluntary administration in early November, citing increasing overheads, competition and legal disputes with landlords for the move.
Prior to going under, Victory Offices ran co-working space in the ACT, Victoria, Queensland and Western Australia.
Liberty runs more than 8000 square metres of co-working space in seven locations across Perth, West Perth, Burswood, and Joondalup, including Exchange Tower.
Liberty Flexible Workspaces said if it did not take over the Perth asset, at 2 The Esplanade, the floor's former tenants would be left high and dry.
"Without Liberty taking over the Victory Offices, tenants of Level 17 Exchange Tower would have been locked out from their offices and suffered operationally from a closure and the removal of services as happened in at least half a dozen Sydney and Melbourne locations over the last 12 months," the company said.
Liberty Flexible Workspaces chief executive Jamie Vine said the level 17 Exchange Tower customers and Victory Offices employees could have faced weeks of uncertainty and disruption.
"We wanted to make sure they were affected as little as possible by the situation," he said.
"We took over on the 1st of December, the day after Victory ceased business in the tower.
"We immediately assured the staff they had jobs going forward and then began to personally inform the customers as they arrived, and by email."
Modern Global People is among the tenants of level 17 at Exchange Tower.
The group's co-founder Jennifer McMahon said the group occupied the space for three years before they heard the news their office might be closing.
She welcomed the news of Liberty's occupation of the space.
Victory Offices floated on the stock exchange in 2019 with a market capitalisation of about $80 million, and is now worth an estimated $6.31 million at current market values.
Liberty's recent move to take on a 1,400sqm Co.Lab space on Murray Street made it the state’s largest flexible workspace provider.
