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

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.

Savills Investment Management advised on the acquisition on behalf of a group of Korean investors managed by Vestas Investment Management.

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.