Dropbox settles on headquarters on Hatch Street in Dublin 2

San Franciscan free cloud service set to locate international centre

 

The fast-growing high- tech company Dropbox is to locate its international operations centre in part of the former Aviva offices at Park Place on Hatch Street in Dublin 2.

The San Francisco company has completed legal contracts to enable it to relocate to two floors of the modern office block where it will occupy 5,109sq m (55,000sq ft) under a subletting of the Aviva lease which has another eight years to run. Dropbox negotiated a rent of just under €376 per sq m (€35 per sq ft) compared to the original rent of around €473 per sq m (€44 per sq ft) agreed between landlords Clancourt and Aviva around 2006.

Dropbox offers a free cloud service that allows its 175 million users – over one-third of them of them in Europe – to access and share documents, photos and videos from anywhere in the world. It is the company’s first move outside the United States and is designed to provide technical support to users around the world. Dropbox has become one of the notable California tech companies to watch with a $4 billion (€2.9bn) valuation at the time of its last investor round.

Agents Knight Frank are apparently looking to offload additional office space in Park Place no longer required by the insurance company. Permanent TSB recently moved into 2,322sq m (25,000sq ft) originally occupied by Aviva at a rent in the early €30s per sq ft.

Aviva is now understood to be occupying around 11,612 sq m (125,000sq ft) compared to 18,580sq m (200,000sq ft) when the lease was signed about eight years ago.

Dropbox’s acquisition of its new Dublin offices was handled by CBRE.

Meanwhile, Yahoo has completed contracts to move into three office floors on top of the €650 million Point Village, in the north Dublin docklands, which was developed by businessman Harry Crosbie. The controversial complex includes the Gibson Hotel, Odeon Cinema and multistorey shopping centre which was completed over a year ago but has not opened due to a dispute between the planned anchor tenant Dunnes Stores and the promoter. Yahoo will be paying a rent of €161 per sq m (€15 per sq ft) for its new accommodation which will extend to 6,967sq m (75,000sq ft). Yahoo has indicated that it will be hiring an additional 200 staff. Savills handle the letting and CBRE acted for Yahoo.

In another sign of Dublin’s thriving technology industry, Amazon has apparently completed contracts to rent 5,574 sq m (60,000 sq ft) in the Burlington Plaza on Burlington Road in Dublin 4. Amazon will be paying around €296 per sq m (€27.50 per sq ft) for the high quality accommodation which is controlled by Nama and Prescient, now owed by Davy. CBRE and Jones Lang LaSalle are letting agents.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.