Legal firm's HQ on the market

Offices:With law firm Matheson Ormsby Prentice moving to the south docklands soon, agents have been engaged to assign the lease of its Herbert Street headquarters in Dublin 2, writes Jack Fagan

Fast-growing, medium-sized professional firms looking for a high quality headquarters in Dublin 2 are likely to consider 30 Herbert Street which is shortly to become vacant when solicitors Matheson Ormsby Prentice (MOP) relocate to a newly developed block, Riverside IV, at Sir John Rogerson's Quay in the south Dublin docks.

Sean Dunne's company, Mountbrook Developments, which is handling the new facility, has engaged CB Richard Ellis to assign the lease of the Herbert Street building where MOP has been based for the past 10 years.

The distinctive block has a net internal floor area of 4,367sq m (47,006sq ft) and an unusually large number of car-parking spaces (64) which will appeal to many professional firms.

Floor sizes range from 820.7sq m (8,834sq ft).

The passing rent of €2.235 million for the offices and car-parking works out at around €376 per sq m (€35 per sq ft) - this figure is well below the going rate for a top grade office building in Dublin 2.

The ground, first, second and third floors are held on a 25-year lease with a break option in 2018.

The lower ground floor is also rented on a 25-year lease with a tenant break option in 2008.

Paddy Conlon of CBRE says that the excellent car-parking ratios, the lack of VAT payable on the lease assignment and the grandeur of the facility were key points that differentiated the building from many others in this part of the city.

The letting agent says that the building, designed by Arthur Gibney and Partners for Treasury Holdings, offers all the advantages of open-plan accommodation. The location is likely to suit many firms, being within easy walking distance of Fitzwilliam Square, Merrion Square and Baggot Street, and close to a good range of bars and restaurants.

MOP is moving to a block of 12,356sq m (133,000sq ft) at Riverside IV, where the rent is understood to be around €570 per sq m (€53 per sq ft).

Mountbrook is shortly to market two adjoining blocks at Sir John Rogerson's Quay, one of 6,503sq m (70,000sq ft) and the other of 5,109sq m (55,000sq ft). Rents are likely to be between €590 and €645 per sq m (€55 and €60 per sq ft).