HubSpot rents third floor of Two Docklands Central in Dublin

The US headquartered technology firm HubSpot is to rent the third floor of Two Docklands Central, the former Guild House office block in Dublin's IFSC, which is undergoing refurbishment by owners Hibernia Reit.

The company has over 200 employees in Dublin and announced earlier this year that it plans to create 320 more jobs over the next three years.

HubSpot, a provider of inbound marketing and sales software, has agreed a rent of €565 per sq m (€52.50 per sq ft) for 1,486sq m (16,000sq ft) on a 19-year lease, expected to begin in Q2 and with a break in year 11.

This adds to the 2,554sq m (27,500sq ft) the company took last year in the adjoining One Docklands Central at a rent of €484 per sq m (€45 per sq ft).

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Refurbishment

Since being upgraded from the former Commerzbank at a cost of €10 million, the 6,874sq m (74,000sq ft) building has been fully let. The other tenants are the Commission for Communications Regulation and the Bank of New York Mellon.

The building now has a weighted average unexpired lease term of 17 years and generates a passing rent of €3.7 million a year, representing a yield on cost of 6.9 per cent.

Hibernia has now begun a similar refurbishment of Two Docklands Central which is due for completion by autumn 2017.

Frank O’Neill of Hibernia Reit said they had recognised the attractive fundamentals and potential of the two buildings before acquiring them and seeing them transformed to provide over 140,000sq ft of Grade A office space.

Thomas Carthy of BNP Paribas Real Estate is letting agent for the offices and Ian Campbell of GVA Donal O Buachalla acted for HubSpot.