Chinese ICT firm Huawei and Irish accountancy and business advisory firm Crowe have agreed to lease space at 40 Mespil Road, underlining the positive outlook for the Irish office market.
The property, along the Grand Canal in Dublin 4, was formerly the headquarters for Bank of Ireland, but the bank began marketing the 120,000sq ft space to sublet in 2021. This came about as a result of the bank's move to a hybrid working model, which gives employees the flexibility to work from a combination of central office locations, remote working hubs, and home.
Crowe has agreed to take the penthouse office suite, with Huawei taking the fourth floor. The subleases will see both firms remain in occupation until 2028, and it is understood that Savills has now successfully subleased almost 28,000sq ft of space at 40 Mespil Road.
The third floor remains available to sublease and offers occupiers 16,000sq ft of fully-fitted office space on flexible terms at a rent of €52.50sq ft.
"The Dublin office market is experiencing noticeable pent-up demand at present," said Shane Duffy, director of offices at Savills Ireland. "There is particular demand for flexible options with an existing fit-out, which can offer companies flexible terms as they consider their growth potential and long-term property strategy."
It is expected that the remaining office space at 40 Mespil Road will generate strong interest.