Twitter is to move to an 85,000 sq-foot office in Dublin, signing a 20 year lease for Cumberland House.

The social network will pay Hibernia REIT an initial rent of €4.6 million per annum, equating to an average of €50 per sq-foot for the office space.

It will occupy all of the office accommodation in Cumberland House, with the exception of the fifth and sixth floors, and will take approximately 140 car parking spaces on the 20 year lease, with tenant-only break options after 12 and 15 years.

Property investment company Hibernia REIT acquired Cumberland House, near Fenian Street in Dublin 2 for €49 million earlier this year.

As part of the agreement with Twitter, Hibernia will refurbish the entire building at a cost of up to €27 million ahead of expected lease commencement in the second half of 2016.

WK Nowlan REIT Management chief executive Kevin Nowlan, the investment manager, said the building is located in the heart of Dublin between Pearse Street Railway Station and Merrion Square and once refurbished will offer over 112,000 sq ft of office space with the potential of further expansion in future.

“Once fully let we expect the building to generate a yield on cost of at least 8 per cent,” he added.