Hibernia REIT has acquired a building on Sir John Rogerson’s Quay for €28.7 million.

The six-storey building, 77 SJRQ, is situated towards the eastern end of Dublin’s South Docks. Built in 2004, it comprises 34,400 sq ft of office space with 20 basement car parking spaces which was constructed in 2004. Hibernia said it expected to spend €500,000 on improvement works, which brings the capital value of the office space to €850 per sq ft.

Hibernia also announced today it had agreed to let the building to a subsidiary of International Workplace Group on a 25 year lease from mid-2018, with initial rent of €1.8 million and nine months rent free.

“The eastern end of the South Docks is undergoing a transformation with several large development projects approaching completion and occupiers such as JP Morgan and Indeed.com joining State Street, Accenture and AirBnB in the area,” said Kevin Nowlan, Hibernia chief executive. “The simultaneous agreements show Hibernia’s ability to drive value through combining our asset management and deal sourcing capabilities.”