US make-up specialist Benefit Cosmetics has opened a 197sq m (2,124sq ft) store at the former headquarters of The Irish Times on Fleet Street, in Dublin 2. The redeveloped building, now a mix of shops and office is known as The Times Building and is by Kennedy Wilson Europe Real Estate.
Benefit Cosmetics, which sells at more than 2,000 counters in more than 30 countries, has agreed a 10-year lease with a break option in year five through CBRE at a rent of about €30,000 per annum.
The company, founded in the mid-1970s by twin sisters Jean and Jane Ford, is operating its Benefit BrowBar beauty lounge format on D'Olier Street "dedicated to beauty services for all kinds of women", according to Julie Strang, managing director of Benefit Cosmetics Ireland. "The Fleet Street outlet will be our second one-stop beauty shop in Ireland. This pink parlour offers innovative products to solve every Irish gal's beauty dilemmas and services to wax, tweeze, primp and please," says Ms Strang.
Bernadine Hogan, senior director at CBRE, says Benefit Cosmetics is a fun brand that is a "perfect fit" for The Times Building. The Times Building comprises 4,738sq m (51,000sq ft) of office space and seven ground floor retail units. Tenants include Medley and House of Colour hair salon. The property was restored in 2010 and retains many of its original features, including neo-Georgian facades.
US fund Kennedy Wilson acquired The Times building in August 2014 after it bought a portfolio of loans associated with the P Elliott group. The Irish Aviation Authority houses 200 employees in all the upper floor office space.