Irish Life has secured the Office of Public Works (OPW) as tenants for its 1GQ waterfront office scheme at George's Quay in Dublin 2.
The Irish Times understands the State agency has entered into a 20-year lease with a break option in year 15 on 42,000sq ft (3,902sq m) of office space at a rent of €53 per sq ft.
Although the OPW is ordinarily responsible for sourcing accommodation for other government departments and agencies, it is understood that its agreement for part of the second and third floors at 1GQ is intended to facilitate the relocation of some 300 of its own personnel from the OPW’s existing office at 52 St Stephen’s Green.
The completion of the deal is a welcome development for Irish Life, coming as it does in the midst of the uncertainty created by the Covid-19 pandemic. The OPW’s decision meanwhile, underlines the attractiveness of Dublin’s waterfront, its proximity to transport nodes and the city centre.
1GQ is already home to a number of high-profile occupiers including US-headquartered snack and beverage giant PepsiCo, and CDB Aviation, a subsidiary of China Development Bank, which owns, leases and manages aircraft.
The complex, which served previously as Ulster Bank’s headquarters, was stripped out, modernised, extended and renamed by Irish Life in 2017. The railings at the front of the building were removed to accommodate a five-storey glazed extension, increasing the overall floor area by more than 21,000sq ft (1,951sq m) to 131,333sq ft (12,200sq m). The new glass extension helped to create light-filled floor plates, a new double-height reception area and a fully glazed 13-person lift overlooking George’s Quay Plaza.
There is a full suite of tenant amenities at basement level with showers, changing areas and drying. There are also 100 car parking spaces at basement level along with 80 bicycle parking spaces.