US pharma giant signs long-term lease at Northwest Logistics Park

Developer Michael Cotter’s Park Developments has secured PCI Pharma as tenant for Unit 736 at Northwest Logistics Park in Dublin. The US-headquartered pharmaceutical outsourcing services provider has agreed to occupy the facility, which reached practical completion in recent weeks, on a 15-year lease term. The rent is understood to be about €13 per square foot. Unit 736 extends to 6,408sq m (68,978sq ft) and is a highly sustainable building with LEED Gold certification and EU Taxonomy compliance.

Commenting on his company’s decision to locate at Northwest Logistics Park, James McDermott of PCI Pharma said: “We are delighted to have secured a long-term lease agreement with Park Developments for Unit 736. The quality of the finished unit has surpassed our expectations, and we couldn’t be more satisfied with the building. One aspect that particularly impresses us is the building’s very high sustainability credentials. This not only aligns with our company values but also holds the promise of significantly reducing our long-term operational costs.”

Park Developments is now seeking an occupier for Unit 735 at Northwest Logistics Park. Upon completion, the facility will extend to 5,133sq m (55,240sq ft) and be finished to the same standard of sustainability as Unit 736. There is potential for integrating occupier modifications as the floors and offices undergo construction.

Unit 735 will be ready for occupation in the first quarter of 2025 and will be available to lease through joint agents Savills and CBRE at an annual rent of €13.75 per square foot (exclusive of VAT and all other outgoings).

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Northwest Logistics Park in Ballycoolin, Dublin 15, is within 200m of the of the N2/N3 link road, which provides dual-carriageway access to the N2 (J3) & N3 (J2) routes. The scheme is also well served by public transport, with Dublin Bus providing a direct link to the Luas via Broombridge.

Park Developments has been developing logistics space in Ireland for more than 30 years. Its schemes include the M50 Business Park in Ballymount, which incorporates Fashion City, Ireland’s only dedicated fashion wholesale development. Other recent schemes include Northern Cross Business Park, North Road, Dublin 11, where more than 1.4 million square feet of logistics space has been developed.