McAleer & Rushe secures tenants for Kildress House office scheme

Proximo Spirits and Muzinich to pay over €55 per sq ft for fourth and fifth floors

MRP, the property development and investment division of Tyrone-based developer McAleer & Rushe, has secured its first two tenants for Kildress House, a new grade A office building it has developed on Dublin’s Pembroke Row.

Proximo Spirits, a drinks company which includes Bushmills whiskey among its brands, is well advanced in fitting out the fourth floor. The tenant was advised by Rebecca Breen, Murphy Mulhall.

The fifth floor of the building has been let to Muzinich & Co, an international institutionally-focused investment firm specialising in public and private corporate credit. The tenant's fit out is under way at present.

Proximo and Muzinich have committed to leases of 10 and 15 years respectively, and are understood to be paying rents in excess of the €55 per sq ft rate quoted by letting agent Savills prior to the building’s completion in December 2019.

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Designed by architects Henry J Lyons, Kildress House is located on Pembroke Row between Lower Baggot Street and Wilton Place, and just across the Grand Canal from Upper Baggot Street and Burlington Road.

The property is surrounded by a range of major international employers, including LinkedIn, Amazon, Fitbit and Shire.

The building is also within walking distance of numerous cultural and lifestyle amenities such as St Stephen’s Green, the Bord Gáis Theatre, the National Gallery of Ireland and Aviva Stadium. Dining options are also plentiful, with 38 restaurants and cafes within a five-minute walk.

The remainder of Kildress House is available to let in self-contained floors of 4,500 sq ft (418sq m).

Work space

Stephen Surphlis, managing director of developer MRP, said: “Kildress House was originally developed some 35 years ago by MRP as a three-storey office block. Our investment for a completely new build office scheme shows our continued commitment and belief in Dublin city, the people, and the economy as it bounces back from the effects of the coronavirus pandemic. Kildress House has been built and designed for the city’s high-growth businesses who are seeking best-in-class, environmentally-aware work space.”

Roland O’Connell, chairman of Savills Ireland, added: “Kildress House offers small to medium-sized companies the opportunity to locate in a new building which provides the standard of finish and services usually only available to large tenants. The developers, MRP, are long-term holders and have invested to ensure that the building performs well in the long term.”

Savills say that the ground floor is now “terms agreed” with a professional organisation, leaving the first, second and third floors available individually or together offering options of 4,500sq ft, 9,100sq ft or 13,700sq ft.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Acting Property Editor of The Irish Times