US tech firm Travelport for Cumberland House in Dublin 2

Travel services firm Travelport to pay rent of more than €538 per square metre

The US global travel services giant Travelport is to open a new Dublin base in part of a high profile office building to be rented by the social network Twitter.

Travelport is to pay in excess of €538 per sq m (€50 per sq ft) for 3,065sq m (33,000sq ft) on the fifth and sixth floors of Cumberland House, off Fenian Street in Dublin 2, which was acquired last year by Hibernia Reit for €49 million.

The property company is currently spending a further €27 million on refurbishing and extending the block which will have an overall capacity of 12,541sq m (135,000sq ft) as well as generous parking at basement level.

Hibernia is also considering whether to add an additional 4,645sq m (50,000sq ft) of space at the front of the building to provide tenants with expansion options as well as creating an attractive new frontage.

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Twitter will be paying an average rent of €538 per sq m (€50 per sq ft) on a 20-year lease with tenant-only break options after years 12 and 15.

The company is expected to move into its new Irish HQ in the fourth quarter of this year.

Travelport provides distribution, technology, payment and other technology services to the travel and tourism sector. Over a year ago it bought a Dublin-based mobile travel app developer, Mobile Travel Technology, for a figure reported to have been in the region of €14.4 million.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times