Hibernia Real Estate Group achieves full occupancy at 2 Cumberland Place

Hibernia Real Estate Group (formerly Hibernia Reit) has achieved full occupancy at 2 Cumberland Place following the agreement of two final leases at the building.

In the first instance, Experian plc (represented by John Shannon of C&W), an American— Irish multinational credit reporting company, has signed a 10-year lease for the entire second floor extending to approximately 816 sq m (8,785 sq ft).

The first floor meanwhile has now been let to Castlelake Aviation Holdings (Ireland) Limited, who are an aircraft leasing and financing company. They have taken approximately 808 sq m (8,697 sq ft) on a 15-year term.

Castlelake and Experian join a strong line-up of existing occupiers in the building including, Electroroute, BGC, 3M and Invesco.

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Having acquired the former Cumberland House for €49 million in 2015, the then Hibernia Reit engaged MCA Architects to design a new building to complement the existing block, increasing the overall office accommodation by 5,388 sq m (58,000 sq ft) to 17,651 sq m (190,000 sq ft). Following the completion of the project, the property — now known as 2 Cumberland Place — boasts some of the highest sustainability credentials in the market and is certified as a nearly zero-energy building (NZEB) with an LEED Platinum score and an A3 Ber rating.

With air quality a key consideration for occupiers owing to the unwelcome arrival in 2020 of the Covid-19 pandemic, the property also features demand-control ventilation as part of its base-design specification.

The system reacts to sensor readings throughout the office floors and provides fresh air as and where it is required. The system offers a potential 30 per cent cost saving versus traditional flow systems while providing a healthier and safer work environment for occupiers.

Commenting on the agreement of the latest, final lettings at 2 Cumberland Place, John Cairns, property asset manager at Hibernia Real Estate Group said: “We are delighted to welcome Castlelake Aviation Holdings Ireland Ltd and Experian to 2 Cumberland Place. The building is now fully occupied which we feel is testament to the continued strong demand for high-quality and sustainable office space in Dublin.”

Sam Daunt of CBRE’s office-leasing division said: “In the current market, occupiers continue to gravitate towards quality offices with high ESG credentials, bright/efficient floor plates and good-quality end of trip facilities, all of which 2 Cumberland Place provide to an exceptional degree.”