Assign of the times: Recruitment firm to offload lease at 33% discount

THE MAN Group, a recruitment service for senior executives, is to attempt to assign its lease of one floor of the Harcourt Building in Dublin 2 following its decision to close down its Irish operation.

The company, which is listed on the London Stock Exchange, employed more than 100 staff in its Dublin office during the boom years and was paying a top rent of over €500 per sq m (€46.45 per sq ft) for what is acknowledged as one of the most prestigious office blocks in the city. When Man Group closed the overall rent roll was €577,572 for 1,115sq m (12,000sq ft) on the first floor of the building. The next rent review in 2015 coincides with a break option in the 25-year lease. The rent also covers the cost of four car-parking spaces.

Conor Whelan of BNP Paribas Real Estate, who is handling the assignment of the lease, is offering a “flexible sublease” of the office space at a discounted rent of €335 per sq m (€31 per sq ft) and €2,500 per car-parking space. The office space is fully fitted out and has work stations for around 120 people. Most of it is open-plan but there is also a boardroom, meeting rooms, kitchen and shower facilities. Advanced cabling and phone systems are also in place.

The Harcourt Building, which extends to 5,500sq m (59,201sq ft), was built on the site of a filling station at the junction of Harcourt Street and Adelaide Road. The Harcourt Building is owned by Profile Properties headed by David Agar. It is beside a Luas stop.