Financial services firm to pay €485 per sq m in D2

DESPITE ALL the despondency in the business world, office lettings in Dublin are continuing unabated but at a slower level than earlier in the year.

The latest deal in the city involves Fidelity Investments, an international provider of financial services and investment resources, which has just rented the first floor of the newly completed Marconi House, an infill office block at Digges Lane, just off Lower Stephen Street in Dublin 2. It is one of the most convenient office locations in the city, at the rear of the St Stephen's Green shopping centre and close to a range of shops and restaurants.

Fidelity, which has 300 Irish staff on its payroll, helps institutions and individuals to meet their financial objectives by providing strategic IT consulting and planning, as well as turn-key systems development. The company has headquarters in Boston and offices in most major international cities.

The company is to occupy 439sq m (4,725sq ft) on the first floor of Marconi House at a rent of €485 per sq m (€45 per sq ft) and €3,750 for car-parking spaces. The 15-year lease provides for a break option in year 10. The company is also understood to have agreed a rent-free period of nine months.

Although the other major tenant in the block is Radio Ireland, Jim O'Reilly of letting agent HT Meagher O'Reilly says Marconi House meets the demanding requirements of the tenant by providing "a quiet, near silent, working environment whilst at the same time providing a vibrant city centre location necessary to attract and retain a youthful workforce".

O'Reilly said the developer had focused on both the structural and mechanical/electrical elements of the building to achieve optimum energy efficiency and to put the block well ahead of the requirements under current building regulations.

HT Meagher O'Reilly is quoting rents of €425.18 per sq m (€39.5 per sq ft) for the ground floor which has an area of 405sq m (4,359sq ft) and €485 per sq m (€45 per sq ft) for the second floor which extends to 527sq m (5,673sq ft).

John Weir of Weir Conway advised Fidelity Investments.