Irish property company Iput Real Estate is in talks with US-headquartered real estate giant Hines in relation to the sale of the Shelbourne Buildings office complex in Ballsbridge, Dublin 4.
While the discussions are said to be at an early stage, the disposal of the three blocks on Crampton Avenue could see Iput secure in excess of € 90 million for the property. Savills is understood to be representing Iput in the negotiations while Cushman & Wakefield is acting for Hines. Iput was unavailable for comment while Hines declined to comment on the matter.
Developed on the site of the former G&T Crampton building works in the 1990s, the Shelbourne Buildings, and more particularly the block facing on to Shelbourne Road, was for a number of years the home of Irish software company Iona Technologies.
Today the development serves as the location for IBM's Irish headquarters, as well as the offices of leading law firm Whitney Moore, Mediolanum Banking Group, online property specialists BidX1, and the Higher Education Authority (HEA).
News of the potential sale of the Shelbourne Buildings is consistent with Iput’s long-standing strategy of capital recycling, where the proceeds of its disposals are invested into assets which align better with its strategy. Iput’s prime Dublin office portfolio currently comprises some 2.4 million sq ft of space.