Green Reit signs deal with AIB to lease Central Park

Green Reit has signed an agreement with AIB to lease the entirety of its recently-completed office building at Central Park in Leopardstown, Dublin 18.

AIB will rent 14,701sq m (158,244sq ft) of lettable space on a 20 year lease from May 2017, with a tenant break option at the end of year 12. Rent is €4.8 million a year, or €291 a square foot, and AIB will be entitled to a 12-month rent free period. The eight-storey block includes a triple basement with 300 car parking spaces and parking for 375 bicycles. It is understood that the bank will move more than 500 support staff, who have been based in a variety of locations on the city, to the premises.

Paul Culhane, development director of Green Property Reit Ventures, said: "Securing a tenant of this calibre confirms Central Park's status as Dublin's premier office park. It also highlights the value proposition for tenants in Central Park, which has city-centre quality offices, but at rents of less than 50 per cent of those in the city centre."

The letting of the new building brings total contracted rent at the Central Park development to €23.7 million, representing 34 per cent of the company’s contracted annual rent of €70 million. Green Reit says the 79,000sq m development now has full occupancy, while the remaining land at the site has scope for further development, with planning consents in place for a further 37,160sq m (400,000sq ft) of office space.

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Green Reit and its then joint venture partner Kennedy Wilson bought the park early in 2014 for €310 million, with Green taking possession of the offices and Kennedy Wilson assuming ownership of the apartments and further development land. Green subsequently acquired the 50 per cent stake in the park it did not own last year for a figure reported to have been about €155 million.