TikTok agrees heads of terms for two Dublin docklands offices

Social media giant weighs 12-year leases at Shipping Office and Tropical Fruit Warehouse

TikTok is understood to have agreed heads of terms on agreements to rent both the 177,000sq ft of office space at the Marlet Property Group's Shipping Office scheme and the 80,000sq ft available at Iput's Tropical Fruit Warehouse in Dublin's south docklands.

While the completion of the two deals is still some way off, The Irish Times understands the Chinese-owned social media giant is likely to enter into a 12-year lease on the properties at a rental level in excess of €60 per sq ft.

The combined 257,000sq ft of office accommodation available at the Shipping Office and the Tropical Fruit Warehouse will give TikTok the capacity to add some 2,500 workers to the 2,000 people it expects to accommodate in its new headquarters at the Sorting Office.

In the case of the Sorting Office, TikTok signed a deal at the end of last November to occupy the property on the basis of a 15-year lease with 10 years’ term certain and a rent-free period of about 18 months. The rental level agreed for the office scheme is understood to be between €55 and €60 per sq ft.

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Taken together, the three offices give TikTok’s Irish operations an overall footprint of 459,000sq ft across three buildings within a short walk of each other in the city’s south docklands. The Sorting Office is situated on Cardiff Lane, while the Shipping Office and Tropical Fruit Warehouse are located on either side of it on Sir John Rogerson’s Quay.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Acting Property Editor of The Irish Times