Office MarketThe decision by Enterprise Ireland to centralise its operations at East Point is one of the largest lettings in the Dublin office market this year, writes Jack Fagan
Enterprise Ireland, the State agency with responsibility for promoting Irish companies, is to lease two new office blocks at East Point overlooking Dublin Bay as its new single Dublin location.
The letting will be one of the largest in the Dublin office market this year.
The company is understood to have agreed to pay just under €236 per sq m (€22 per sq ft) for 13,200sq m (142,000sq ft) in the two blocks which will be ready for fit-out early next year. There will be two separate leases, one providing a break option in year 10, and the other in the 15th year.
The move will enable the agency to bring all its 650 Irish staff to one location instead of having them at four different centres in the city: Glasnevin, Sandymount, Ballsbridge and Wilton Place. Only the Glasnevin office is owned by the State.
The office facilities at Wilton Place are shared with the IDA which, apparently, plans to relocate as soon as a suitable alternative headquarters is found.
Enterprise Ireland is also occupying part of IPC House on Shelbourne Road under a lease which has a short period to run.
Its other lease of Merrion Hall in Sandymount is also understood to be close to running out.
The decision to relocate to East Point will be seen as an important coup for owners Earlsfort Developments which has attracted a range of major international companies to the park which has 30 buildings with a total floor area of 120,000sq m (1.3 million sq ft). The other big names in the park include Oracle, Sun Microsystems, United Airlines, Cisco, NTL and Eircom.
The letting of the two blocks means that there is now only one vacant building in East Point with a floor area of 5,143sq m (55,360sq ft). Two further blocks being developed as a joint venture with Dublin Port will have floor areas of 2,980sq m (32,076sq ft) and 7,231sq m (77,900sq ft).
The rents are likely to be in the mid €20s per sq ft (€269 per sq m).
Michael Donohoe of Colliers Jackson-Stops advised Enterprise Ireland while Conor Kevany and Paul Scannell of HWBC acted for East Point.
