Another top legal firm is moving to the Dublin docklands. BCM Hanby Wallace has agreed terms to rent 13,935sq m (150,000sq ft) in a new block under construction at Grand Canal Square in the south Dublin docklands. It is the largest office letting so far this year.
Hanby Wallace will be the eighth major firm of solicitors to relocate to the docklands and, with William Fry also considering moving to an adjoining building, only one major player, Arthur Cox, looks like remaining in the traditional office area of Dublin 2.
Declan O'Reilly of agents HT Meagher O'Reilly, which advised Hanby Wallace, said the recent spate of lettings in the docklands had "copperfastened it as a legal location".
Bannon Commercial acted for developers Chartered Lands, a company controlled by businessman Joe O'Reilly, who spearheaded the development of Dundrum Town Centre.
Chartered Lands is also building a second office block of 21,367sq m (230,000sq ft) at Grand Canal Square as well as a €50 million, 2,200-seater "West End-style" theatre which has just been sold to Harry Crosbie and the Point Village Company.
Frys is considering whether to rent part of the second office block. The entire scheme was designed by international architect Daniel Libeskind.
The rapid expansion of most legal firms in recent years has stemmed from increased economic activity, particularly in the Irish and overseas property investment markets.
Cox's has also outgrown its existing space of 7,432sq m (80,000sq ft) at the Earlsfort Centre and has just taken over an adjoining 1,394sq m (15,000sq ft) vacated by Dolmen Stockbrokers. The firm is understood to favour remaining in the Earlsfort Centre if the building can be substantially enlarged.
The fast-growing nature of the legal business is underlined by the fact that Hanby Wallace only moved into its existing Harcourt Street offices of 4,645sq m (50,000sq ft) just over 3½ years ago. Its decision to rent three times more space is clearly based on the expectation of continuing to grow rapidly.
Managing partner Paul McGennis says the growth has been particularly notable in its property, corporate, financial and health services units.
Hanby Wallace will be paying a rent of close to €645 per sq m (€60 per sq ft) but, like most other large office lettings, the tenant is likely to get a rent-free period as well as a break option in year 15.
