Korean investors acquire Charlemont Exchange in €145m deal
The office building at Grand Canal is leased to shared workspace provider WeWork
WeWork agreed a 20-year lease for Charlemont Exchange late last year
Charlemont Exchange, a seven-floor office building at Grand Canal, has been acquired from Pat Crean’s Marlet Property Group in a deal valued at €145 million.
The group has acquired Blocks A-C, which recently underwent a full refurbishment, as well as Block D, which is currently being refurbished.
The acquisition is structured as a purchase of Phase 1 and a forward commitment to purchase Phase 2 upon completion.
Shared workspace provider WeWork signed a 20-year lease for the property in October.
Savills Investment Management and Vestas were advised by A&L Goodbody whilst Savills and Mason Hayes Curran acted for Marlet on both the sale and leasing transactions.