While last October's decision by Dropbox to become a "virtual-first company" as a result of Covid-19 opened up something of a gap in the Dublin office market, the void left by its departure from its headquarters at One Park Place is well on the way to being filled.
With the impact of the pandemic continuing to recede in response to the HSE’s rollout of the vaccine programme, a number of companies have begun to make plans for a return to the office.
In the case of One Park Place, US-headquartered video games publisher 2K Games has committed to a 10-year lease by way of sub-lease from Dropbox for the entire sixth floor at a rent of €60 per sq ft. At 2,322sq m (25,000sq ft), the transaction represents the biggest letting to have been agreed in the Dublin office market in the second quarter. Agent CBRE represented Dropbox while Cushman & Wakefield acted for 2K Games.
CBRE is now marketing the fourth and fifth floors extending to a total of 5,388sq m (58,000sq ft) by way of sub-lease from Dropbox at a guide of €60 per sq ft.
Developed by the Kenny family's Clancourt Group, One Park Place occupies a prominent location overlooking the Iveagh Gardens within Dublin's central business district. The building forms part of the wider Park Place which is home to a number of leading corporates including Gartner, Bank of America Merrill Lynch, Slack, Aviva, KPMG and IDA Ireland. The development is one of the most accessible in the city with the Luas green line stop just a two-minute walk away at Harcourt Street.
Robert Mulcair of CBRE said: “This is the first major Dublin office letting deal of 2021. The level of interest shown from occupiers gives us great confidence for the future of office take up in Dublin and its new occupiers 2K Games, will benefit considerably from the excellent location and open-plan modern fit out.”