Union Investment will fund the development of the largest new speculative prime office building in Dublin.
The Burlington House site in Dublin 4 sold for over €40 million last June. It was acquired by Development Securities in a joint venture with companies affiliated with Patrick McKillen, John Ronan and Colony Capital.
A 1970s-era office building occupied the site previously but was demolished and cleared for development.
Construction on the building, which will contain 15,992 sq m (172,000 s ft.) of office space, is expected to begin shortly and finish in the first half of 2017. Sisk Group has been appointed as the main contractor.
The building’s Burlington Road location is in Dublin’s prime commercial core, in the vicinity of Amazon, Sky Ireland, Bank of Ireland, LinkedIn, IDA, EBS, CBRE and Groupon.