DocklandsOffices: A large number of small and medium-sized legal firms are on a waiting list for offices in Grand Canal Square, writes Jack Fagan.
Many of Dublin's small and medium-sized legal firms look set to follow several of the city's largest legal practices to Dublin's south docks following the announcement that one of the best-located blocks planned for Grand Canal Square, Dublin 4, is to be sold off in individual suites.
The new marketing strategy has been adopted following the decision by developer Joe O'Reilly to take a major stake in a €350 million development of the office complex, retail facilities and a West End-style theatre.
Terry Devey's Heritage Properties, which secured planning permission for the overall scheme, is currently building the first phase involving the five-star Meridian hotel.
With Matheson Ormsby Prentice, McCann FitzGerald, A&L Goodbody, Beauchamps, O'Donnell Sweeney, Mason Hayes+Curran and Dillon Eustace all committed to the north and south docks, letting agents Bannon Commercial reports that it has "a large number of practices on the waiting list for the Grand Canal project".
Arthur Ryan of the agency says that with the largest accountancy and legal firms opting for both sides of the docks, there was now an extremely strong demand for space in the docks coming from medium sized legal firms mainly based in Georgian buildings on Merrion Square and Fitzwilliam Square.
All of them seemed keen to move to open plan, air conditioned offices with the latest information technology facilities.
Bannon is quoting a selling price of at least €10,764 per sq m (€1,000 a sq ft) for individual suites in a block of 13,935sq m (150,000sq ft). The agents says that most demand is coming for units of 500 to 1,000sq m (5,381 to 10,763sq ft) though they can accommodate up to 4,000sq m (43,055sq ft) on a single floor.
Bannon is also quoting a rent of €538 per sq m (€50 a sq ft) for a larger block of 20,4538sq m (220,000sq ft) which will form part of the complex. With solicitors Arthur Cox and William Fry each looking for at least 11,148sq m (120,000sq ft) it will be no surprise if either firm opts to take more than half the building.
The overall scheme, designed by US-based architect Daniel Libeskind, will also include about 4,000sq m (43,056sq ft) of retail facilities including about half a dozen restaurants to cater mainly for theatre-goers.
Mr O'Reilly's reputation for delivering some of the biggest construction projects on time - he led the team that developed the massive Dundrum Town Centre - is expected to speed up the development of the largest single office complex on the south docks.
