Hibernia Reit lets 21,500sq ft office space in Dublin’s docklands

Property company Hibernia Reit has let a further 21,500sq ft of office space in Dublin’s docklands to two companies.

HubSpot, a provider of inbound marketing and sales software, extended its 16,000sq ft pre-let in 2 Dockland Central to 32,000sq ft on the same terms agreed for the initial let in February.

The company will pay an initial rent of €52.50 per sq ft on a 19-year lease expected to commence in August. HubSpot already occupies 27,500sq ft in the adjoining 1 Dockland Central.

In addition, ENI, a subsidiary of the listed energy company, has pre-let 5,500sq ft at an initial rent of €55 per sq ft on a 20 year lease expected to commence in September.

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Works to refurbish 2 Dockland Central and all its common areas are due to be completed in late 2017.

Following these latest lease agreements, about 75 per cent of the 73,000sq ft building is let.

In February, the firm has signed a five-year contract with Iconic Offices for three floors of space in Clanwilliam Court near Grand Canal Dock to provide for the establishment of a serviced office and co-working business.

Under the agreement, Hibernia was to provide the property while Iconic would manage the business operations, with the income generated being shared.

Hibernia said on Friday the partnership with Iconic Offices had commenced trading in April.

“As at the end of April, over 75 per cent of the workstations in the 21,000sq ft space and over 50 per cent of the available co-working memberships were contracted, significantly ahead of projections,” it said in a statement.

Hibernia chief operations officer Frank O’Neill said the company was “delighted” with the developments.

“We are delighted to have leased a further 21,500sq ft in 2 Dockland Central to HubSpot and ENI,” he said. “The building is now around 75 per cent let, well in advance of the expected completion of the refurbishment works in late 2017.

“The serviced office partnership with Iconic in Clanwilliam Court has got off to a strong start, underlining the quality of the offering and the demand for flexible workspace.”