Depfa Bank and Apex Fund Services to let new Irish Life block

Refurbished building on Lower Abbey Street attracts rents of €45 per sq ft

CGI of Irish Life Centre, Lower Abbey Street, Dublin 1

CGI of Irish Life Centre, Lower Abbey Street, Dublin 1

 

Irish Life has found tenants for a newly developed office block at the Irish Life Centre on Lower Abbey Street, Dublin 1.

Depfa Bank, formerly based in the nearby IFSC, has completed contacts to lease 1,856sq m (20,000sq ft) on the third and fourth floors of Block 5 at a rent of €484 per sq m (€45/sq ft).

The second tenant, Apex Fund Services, is understood to have made a commitment to lease 1,383sq m (15,000sq ft) at a headline rent similar to the one agreed with Depfa Bank.

Block 5 has an overall floor area of 3,716sq m (40,000 sq ft) and is finished to a high specification, including a reception area of 1,600sq ft. The building benefits from the creation of a new civic plaza to the front.

Depfa Bank is a wholly-owned subsidiary of the German state agency, FMS Wertmanagement. It was advised on its inew Dublin offices by Daniel Shannon of CBRE.

Apex Fund Services was established in Bermuda in 2003 and has around $350 billion in assets under management. It was advised on its new Dublin headquarters by Michael Healy of Savills.

Deirdre Hayes, head of property asset management at Irish Life Investment Managers, called the wider Irish Life centre campus an integral part of the Dublin landscape. So it was essential that the latest phase provided a quality, sustainable space that met market requirements. “We are delighted with the outcome and welcome both Apex and Depfa Bank as our new neighbours within the development,” she said.

Jim O’Reilly of Knight Frank advised Irish Life along with agents Bannon. Yesterday they announced that online terms had also been agreed on the last remaining space on the first floor of the new building.

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