Pax Asset Management signs for new offices in south Dublin

Pax Asset Management (Pax AM) has relocated its operations from Sandyford Business Park to Maple House in Stillorgan.

The company has committed to a 10-year lease for the entire second floor of the property comprising 345sq m (3,714sq ft) along with 10 on-site car-parking spaces. Pax AM is understood to have agreed to pay a rent in the region of €16.25 per square foot (€175 per square metre) and €700 per car-parking space per annum.

Located immediately opposite the recently-refurbished Stillorgan Village shopping centre, Maple House is now fully let with Pax AM joining KBC Bank, Durkan Homes and Cannon Solicitors in the building.

Stephen Noonan, who handled the letting on behalf of BNP Paribas Real Estate, said: “Despite 2020 office take-up being affected by the pandemic, we are seeing very encouraging signs for 2021, with more activity in the first six weeks of this year than in [the] last four months of 2020.

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“The rollout of the vaccination is also gathering momentum and companies see light at the end of the tunnel. We have seen on our tenant representation side that companies are now keen to advance their office requirements. We expect to see further important announcements for both city centre and suburban office take-up before the end of the first half of this year.”