THE DUBLIN office market has got a boost with the decision by Merck Sharp Dohme (MSD) to lease part of Red Oak North, a new office block in South County Business Park in Leopardstown, Co Dublin.
The company will be paying a rent of €172 per sq m (€16 per sq ft) for 3,251sq m (35,000sq ft) on the third and fourth floors of the 7,432sq m (80,000sq ft) block which was sold about three years ago by Reg Tuthill and Dermot O’Leary to the Butler Group for €32 million. The group is involved in Leisureplex, TGI Fridays and cinemas in Dublin.
MSD has been given a rent-free period of 18 months under a new 10-year lease with a break option in year five. The company plans to use the facility for a European, Middle East and Africa (EMEA) shared business services centre. Close by it has a separate business based in Pelham House which is owned by Lalco. Finnoula OBuachalla of Jones Lang LaSalle acted for MSD while Paul Hipwell advised Butler Group.
