Hibernia Reit achieves 40% boost in rents in IFSC

Property investment company Hibernia Reit has pre-let 27,500 sq. ft. of office space in Commerzbank House in the IFSC to HubSpot Ireland Limited. The marketing and sales software provider will pay an average of €45 per sq. ft for the office space.

The 55,000 sq. ft building, which has now been renamed One Dockland Central, is currently being refurbished to Grade A standard and the works are expected to complete in early 2016.

HubSpot will occupy the third and fourth floors of the building and 14 car parking spaces on a 20 year lease, with a tenant-only option to break after 10.5 years. HubSpot will pay rent of about € 1.3m per annum, equating to an average of €45 per sq. ft. for the office space, after receiving six months rent free from lease commencement (expected December 2015).

Kevin Nowlan, chief executive officer of Hibernia, said the reit has now pre-let half of the available space in One Dockland Central ahead of its official re-launch of the building.

“The rents achieved are around 40 per cent above the levels we underwrote at acquisition in July 2014, demonstrating the attractive fundamentals of the building and the value of active management,” he said.