IFSC office space taken up by Irish Permanent and Maxol

IRISH Permanent and Maxol Ltd have agreed terms to set up trading operations in Dublin's International Financial Services Centre.

Each of the companies is to occupy two floors in separate blocks in the Custom House Plaza, which will be completed this summer. Irish Permanent will have 7,500 square feet and Maxol is taking 10,000 square feet at a rent of £27.50 per square foot.

The letting agents for the development, Lisney, said four floors had been reserved but they were not in a position to confirm the names of the companies involved as leases had yet to be signed.

The first stage of the plaza development, a 42,000-square-foot block sold to ABN Amro Bank, will be ready for occupation early in May. A further 75,000 square feet will become available over the summer in three other blocks, which are being developed by Mr Brian Rhatigan's company.

Mr Peter Stapleton of Lisney said there had been strong interest in the three blocks but some of the tenants wanted to see the completed buildings before making commitments.

The plaza will have a total of 175,000 square feet of air conditioned space.

The Hardwicke/British Land consortium, which has developed the remainder of the IFSC site, is to complete its construction programme next October with a 60,000-square-foot building at 6 George's Dock. The block is likely to be of interest to some of the larger licensed traders still to be accommodated such as the American insurance company AIG; the Japanese-based Daiwa Bank; Merrill Lynch; Scottish Mutual; Midland International Bank and global broking firm Marsh and McLennon.

Many of the companies seeking office suites rather than entire floors are expected to opt for Exchange Place which will have 30,000 square feet in the first phase and 50,000 in the second stage.

Even when all the blocks under construction in the docks are completed later this year, it is estimated that there will still be a demand for between 120,000 and 150,000 square feet for about 40 traders who are unlikely to find space in the current phase. These will be accommodated on an adjoining 12-acre site which has become available following the conclusion of court proceeding over part of it. The new site is to also be used for a development of about 400 expensive apartments, as well as a retail content.