Office MarketSanpaolo Life Ltd, a life assurance company, is the second major tenant to lease office space in George's Court, the latest Cosgrave Property Group development in the Townsend Street/George's Quay area of Dublin 2.
The company is leasing the entire 1,515sq m (16,307sq ft) fourth floor of the new building for nine years and 11 months at an annual rent of €485 per sq m (€45 per sq ft). It is also leasing 20 car-parking spaces at an annual rent of €3,750 each.
Another financial services company, Northern Trust, has already pre-let the second and third floors of George's Court, confirming the trend for offices in that area to act as an extension to the IFSC just across the River Liffey.
The focal point of the area, George's Quay Plaza with its high pyramid roof, is now fully let, mostly to financial services companies.
"The lettings in George's Court underlines the success of the whole development as a new city centre location for financial services groups," says Deirdre Costello, office agency director of Jones Lang LaSalle, who has handled all the lettings in the three buildings. "What we have seen with the three buildings is the best effects of clustering, which helps companies to grow and to create a successful business climate."
Meanwhile, Setanta Sports, the specialist Irish broadcaster, has leased the fourth floor of George's Quay House at an annual rent of €484.34 per sq m (€45 per sq ft). It will occupy 1,508.5sq m (16,237sq ft) on the floor and will also rent 13 car-parking spaces at an annual rent of €3,750 each. The lease will run for 25 years with five yearly, upwards-only, rent reviews and a break option at year 12.
Costello represented the landlord while Fionnuala O'Buachalla of Jones Lang LaSalle represented Setanta Sports.
George's Court has 9,643sq m (103,796sq ft) of office space on five floors built around a landscaped and glass-roofed internal atrium. It allows for natural ventilation and is designed for maximum flexibility in the lay-out of offices which have generous ceiling heights of three metres.
Northern Trust is on the second and third floors which have 2,072sq m (22,303sq ft) each. Sanpaolo, on the fourth floor, is re-locating there from Windsor Place, off Pembroke Street. The ground and first floors, with accommodation ranging from 1,133sq m (12,195sq ft) to 2,072sq m (22,303sq ft), are now available through Jones Lang LaSalle.
George's Court has a basement car-park with spaces available in the ratio of one per 250sq m (2,691sq ft) of office space. It also has a gym at the basement and ground floor level and a coffee shop on the ground floor. As well as its location close to George's Quay Plaza, George's Court has easy access to the IFSC via the new Sean O'Casey pedestrian bridge across the River Liffey.
