Just two weeks after pulling out of negotiations for the 16,443sq m (177,000sq ft) of space at the Marlet Property Group’s Shipping Office development on Sir John Rogerson’s Quay, TikTok has inked a deal for the nearby Tropical Fruit Warehouse.
The agreement will see the Chinese-owned social media platform take all 7,897sq m (85,000sq ft) of office accommodation at the six-storey riverfront building. The Irish Times understands the company has committed to a long-term lease at a rental level of €60 per sq ft with the scheme’s developer and landlord, Iput Real Estate.
While its withdrawal from talks for the Shipping Office will be seen by some as symptomatic of a wider trend within the tech sector currently, in which major employers have been re-evaluating their real estate requirements, TikTok’s decision to occupy the Tropical Fruit Warehouse is a significant move. When taken together with the 18,766sq m (202,000sq ft) the company is set to occupy at the Sorting Office on Cardiff Lane, TikTok’s Irish operations now have an overall footprint of 26,663sq m (287,000sq ft).
The two offices will provide it with sufficient space to accommodate more than 2,800 workers, a figure which is broadly in line with its stated aim of increasing its Irish-based headcount to more than 3,000 by the end of this year.
Located at 30-32 Sir John Rogerson’s Quay, the Tropical Fruit Warehouse briefly comprises a six-storey office block developed within the structure of the last remaining original warehouse on the city’s quays. The property, which dates back to 1892, has been fully restored and now incorporates two floating, fully glazed office floors which cantilever over the protected structure providing panoramic views over the river Liffey.
The building has been delivered to meet the highest sustainability and efficiency credentials and is one of the first refurbishment projects in the Irish market to be completed to the new Nearly Zero Energy Buildings standards. It also meets LEED Platinum standards, the highest rating achievable in the green building classification process; and the building is WELL-Gold enabled.
Commenting on TikTok’s decision to let the Tropical Fruit Warehouse, Iput Real Estate chief executive Niall Gaffney said: “This letting demonstrates that the demand from global occupiers for high-quality, sustainable office space in Dublin remains resilient.
“The Tropical Fruit Warehouse is an example of true placemaking with all the attributes that provide the enhanced occupier experience required in today’s market, which has been recognised by a global leader such as TikTok. We are long-term investors in Dublin real estate, delivering market-leading office and logistics developments and we continue to see robust demand for these buildings.”
Savills and CBRE acted as joint letting agents on behalf of Iput while Cushman and Wakefield represented TikTok.
