New tenants take the last of the rental space at the Exchange
Iput and Cosgrave Property Group agree terms on letting out remaining 5,574sq m
Mediolanum Banking Group, PartnerRe and Coinbase will now join lead occupiers Walkers Global, the Food Safety Authority of Ireland and Ronan Daly Jermyn at the Exchange
The first office block built within Dublin’s original IFSC since 2003 is now fully let after Iput and the Cosgrave Property Group agreed terms at €538.20 per sq m (€50 per sq ft) on the remaining 5,574sq m (60,000sq ft) of space.
The letting , where JLL and Savills advised Iput and Cosgrave, is for a 20-year term and will deliver an income return of more than 6 per cent for Iput.
Work on the Exchange began in 2016; the 9,848sq m (106,000sq ft) five-storey block also has a retail unit of 109sq m (1,173sq ft) fronting onto George’s Dock and another 47sq m (506sq ft) shop fronting Common Street. It includes 37 car-parking spaces and 133 bicycle spaces and was built to a Grade A specification, has an A3 energy rating and is certified to an LEED Gold environmental standard.
The Exchange is beside the docklands Luas line, adjacent to the Citigroup building, 50m from CHQ and about five minutes’ walk from Connolly Station. Nearby employers include KPMG, Wells Fargo, JPMorgan Chase, SIG, Zurich, PwC, Morgan Stanley and BNY Mellon.
Ronan Daly Jermyn agreed terms in 2017 on 630sq m (6,781sq ft) of space on the ground floor of the six-storey block at €538.20 per sq m (€50 per sq ft) over a 20-year lease term with a break option after year 10. The Food Safety Authority of Ireland was the first to agree rental terms for space at the Exchange – taking up 1,769sq m (19,041sq ft) on the first floor.
Iput’s head of investment, Michael Clarke, says the Exchange is an “international-quality office asset” and reflects a strategy to regenerate “our portfolio and deliver enhanced income and capital returns for our investors”.