DUBLIN solicitors Matheson Ormsby Prentice (MOP) are believed to be close to agreement on assigning the lease of their existing offices at 3 Burlington Road, Dublin 4, following their decision to move to a new £13 million building which is under construction at Herbert Street, Dublin 2.
MOP will be paying a rent of £630,000 - the equivalent of £17 per square foot - for 37,100 square feet on four floors of the building and £1,250 for 50 car-parking spaces. Developer John Ronan is to indemnify MOP in respect of the rent of the ground floor until it is sub-let. The lower ground floor is to be let separately by Mr Ronan.
The lease will run for 25 years with upwards-only rent reviews every five years but MOP will have a break option in the 20th year. The Herbert Street building will be handed over at the end of next year with raised floors, carpets, ceilings and light fittings and a high quality reception area with a marble floor. When MOP moves, there will be a further 17 years to run on a 25-year lease on Burlington Road. It is currently paying a rent of £13.40 per square foot for the building, which is also owned by Mr Ronan.
Mr Donal Roche, managing partner of MOP, which has a staff of 70 lawyers, says its turnover has doubled in the past five years. He is also confident that this growth will continue into the future.
Palmer McCormack and Spain Courtney Doyle were letting agent and Hamilton Osborne King advised MOP.
