Citibank is expanding in Dublin and Waterford, and is seeking suitable premises, as are a number of other companies, writes JACK FAGAN
THE giant financial service group Citibank is to expand its Dublin operation by renting a further 9,290sq m (100,000sq ft) of office space in the city. The company plans to create 250 jobs in Dublin and Waterford, bringing its staff numbers in Ireland close to 2,500.
Citi occupies 18,580sq m (200,000sq ft) at North Wall Quay in the International Financial Services Centre where it is the largest employer. It first opened its Dublin base 45 years ago.
The bank will have a limited choice for its new office building because of the fall in construction activity since the property market collapsed three years ago.
Completed office blocks available include 5 Grand Canal Square with a floor area of 11,210sq m (120,663sq ft), Burlington Plaza on Burlington Road with 15,268sq m (164,343sq ft) and King’s Building near the Four Courts on Church Street with 16,713sq m (179,897sq ft).
There is also a grim looking building measuring up to 18,450sq m (200,000sq ft) at East Road in the north docklands which was developed by Liam Carroll’s Zoe Group.
James Nugent of Lisney, who is advising Citi on the various options, is also looking for between 5,574 and 13,935sq m (60,000/100,000sq ft) for the Central Bank.
Lisney has also been engaged to find a suitable office building of 7,432sq m (80,000sq ft) for Salesforce which distributes business software on a subscription basis.
Other estate agents specialising in the office market are also reporting a pick up in enquiries for office accommodation in the city centre.
The American financial company BNY Mellon is actively looking for a new Dublin headquarters building of up to 18,850sq m (200,000sq ft).
One venue under consideration is the half-built office block in the north Dublin Docklands which was to have been a new headquarters for the Anglo Irish Bank.
An unidentified company has asked Fionnuala O’Buachalla of Jones Lang LaSalle to establish if an office complex of up to 32,000sq m (350,000sq ft) could be found if Dublin is chosen as a venue for a major expansion of its business. Two overseas cities are also in competition for the enterprise.
Declan O’Reilly of agents HT Meagher O’Reilly said that, despite the tough economic conditions, more than 51,095sq m (550,000sq ft) were let in the first three months of this year. The deals included the sale to Google of the 18,850sq m (200,000sq ft) Montevetro building.
Overall lettings in the city this year are expected to reach 1.5 or 1.6 million sq ft.
