I have been able to resolve it few seconds ago. It is WORKING
1) Disable office 2016 automatic updates
2) Revert Office to the May, 2016 release. Last known version to work with UR is 16.0.6868.2067
officec2rclient.exe /update user updatetoversion=16.0.6868.2067
3) Wait For The Software To Download. Once The Progress Windows Disappears, Reboot the PC.
Full procedure documented here
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https://support.microsoft.com/en-us/kb/2770432
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https://technet.microsoft.com/en-us/.../mt592918.aspx