Aptiv to lease 5 Hanover Quay as it moves global HQ from UK to Ireland
Vehicle tech company signs up for 5,575sq m at €624 per square metre
5 Hanover Quay: Aptiv is to lease more than 5,575sq m over three floors of the building (second left, with white front)
The vehicle-technology company Aptiv is to lease more than 5,575sq m (60,000sq ft) at 5 Hanover Quay, in Dublin’s south docklands, at a rent of €624.30 per square metre (€58 per square foot), with a break option in year 13. The letting gives Aptiv room to house up to 300 staff when it moves into the building’s three upper floors, in June.
Last week Aptiv announced plans to move its global headquarters from the UK to the Republic, where it already employs about 150 people. That headcount is now due to rise to 250 by the end of 2018. The company, which has 147,000 employees in 45 countries, with revenue of €10.8 billion last year, was advised on the letting by Paul Finucane and Michael Donohoe of Colliers International Ireland.
Roland O’Connell of joint agent Savills handled the letting, along with Cushman & Wakefield.
The office building at 5 Hanover Quay is one of Dublin’s newest. Designed by RKD Architects and developed by Targeted Investment Opportunities plc, a joint venture between Oaktree Capital, Bennett Developments and Nama, it has more than 14,865sq m (160,000sq ft) of space, with very large floorplates of more than 2,320sq m (25,000sq ft).
It has a double-height entrance hall and tenant facilities at basement level including showers, changing rooms and bicycle storage. The joint agents are now seeking tenants for the remaining 9,290sq m (100,000sq ft) over four floors.
Targeted Investment Opportunities, one of Dublin’s most active builders, has already developed the nearby Airbnb building on Hanover Quay and is set to complete the new Grant Thornton HQ on City Quay shortly. TIO is also on site with a 9,290sq m (100,000sq ft) office scheme at 76 Sir John Rogerson’s Quay and is building a further 18,580sq m office development at North Wall Quay beside 3Arena.
Aptiv cited Ireland’s favourable regulatory environment, Dublin’s vibrant tech hub and access to top universities as important factors in its relocation from the UK. The global HQ will employ hundreds of professionals in information technology, supply-chain management and finance.