Corum secures the HSE as tenant for One Kilmainham Square

Health service enters into 10-year lease at a rent of €29 per sq ft for Dublin 8 offices

One Kilmainham Square is located in close proximity to Heuston Station and Heuston South Quarter (HSQ)

One Kilmainham Square is located in close proximity to Heuston Station and Heuston South Quarter (HSQ)

 

French asset-management company Corum has secured the HSE as a tenant at One Kilmainham Square in Dublin 8. The HSE has agreed to take the lower ground floor of the building (1,070sq m/11,522sq ft) on a 10-year lease at a rent in the region of €29 per sq ft along with 10 basement car-parking spaces for €2,500 each. The HSE joins a number of international occupiers in the building including Heineken, Parexel Pharma and Klas Telecoms.

Developed in 2007, One Kilmainham Square was acquired by Corum from a joint venture partnership led by Avestus Capital Partners in 2020 alongside Classon House in Dundrum as part of its continued expansion in the Irish market.

Corum is understood to have paid about €33 million to secure ownership of One Kilmainham Square, and a further €27 million in a separate off-market deal for Classon House.

One Kilmainham Square is a five-storey Grade A office building extending to 6,967sq m (75,000sq ft). The property has a prominent location within Dublin 8, and is close to both Heuston station and Heuston South Quarter (HSQ).

Earlier this year, the HSE agreed to rent 43,000sq ft of office space at HSQ from Eir, following the company’s move to Citywest. The space has been taken on a flexible lease and is being used by the HSE to accommodate personnel working in its Covid-19 contact tracing service.

The HSE’s new offices on the lower ground floor of One Kilmainham Square come fully-fitted and with a high specification including raised access floors with floor boxes wired for power and data, carpet tile, suspended ceilings with efficient light fittings, four-pipe fan coil air conditioning, a boardroom and meeting rooms, a canteen facility, a dedicated communications room, three 10-person passenger lifts and shower/locker facilities.

While the levels of office take-up were extremely low in the first quarter of this year, agents across the city have begun to see a pick up in enquiries. Turnkey office solutions are in demand as prospective occupiers seek to avoid high capital expenditure costs for new office fit-outs.

At 1,070sq m (11,522sq ft) the HSE letting at One Kilmainham Square is one of the largest office deals to have signed in the capital so far this year. John Cannon of BNP Paribas Real Estate negotiated the letting on behalf of Corum Asset Management.