"Cannot use object linking and embedding" error in Excel 2016 for Mac

Symptoms

In Microsoft Excel 2016 for Mac, you receive the following error message:

Cannot use object linking and embedding

Workaround

To work around this issue, follow these steps:

1. Exit all Microsoft Office applications.

2. In the Finder, navigate to the following location:

   Users/<username>/Library/Group Containers/UBF8T346G9.Office

3. Select one of the following folders, depending on which one you have:

   ComRPC

   ComRPC32

4. On the File menu, click Move to Trash.

5. Close the Finder window.