With the final phase of a staged refurbishment due for completion shortly, State Street subsidiary New Ireland Assurance is seeking tenants for the remaining office space at 5 George’s Dock in Dublin’s IFSC. Joint agents Savills and Quinn Agnew are quoting €55 per sq ft for the accommodation which is capable of catering for companies seeking between 260sq m (2,800sq ft) and 2,787sq m (30,000sq ft).
Developed originally by Hardwicke and British Land, No 5 was acquired by State Street for just under €40 million from businessmen Martin Naughton and Lochlann Quinn in late 2014. The men – longstanding business partners and joint owners for many years of the five-star Merrion Hotel – purchased the investment for their part in the mid-1990s for about €24 million.
With more and more corporate occupiers seeking the most sustainable office space as part of their efforts to meet their environmental, social and governance goals, New Ireland Assurance embarked on an extensive programme of works in 2020 with a view to meeting these new requirements.
Works to the vacant fourth and fifth floors involved a full CAT-A refurbishment, including new ceiling-mounted four-pipe fan-coil air conditioning, metal ceiling tiles and energy efficient LED lighting. Once complete, the entire building works will be targeting a BREEAM “very good” rating. The building’s reception and common areas, meanwhile, have all undergone substantial work and now mirror the finishes of best-in-class new office buildings. The final stage of works is ongoing and will comprise the development of a dedicated shower and changing block.
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Elsewhere within the building, the agents have secured global asset manager PGIM as a tenant for part of the third floor, the first of the property’s floors to benefit from the programme of improvements. Fionnuala O’Buachalla of JLL advised PGIM while Seán Ryan Mc Caffrey of Savills advised the landlord.
No 5 George’s Dock is well located in the heart of the IFSC, with access on its doorstep to the Luas red line. The Dart can be accessed at nearby Connolly station while a range of Dublin Bus routes service the immediate area.
Savills and Quinn Agnew say: “The investment by the landlord in 5 George’s Dock has repositioned it to the leading modern standards for office accommodation. The letting to PGIM is testament both to the quality of the building’s finishes and to the strength of the IFSC as a location for business.”
