Having paid €65.3 million to acquire New Century House in Dublin’s IFSC from Hibernia Reit in 2018, Credit Suisse has secured 96 per cent occupancy at the fully refurbished and now-renamed Dockline building.
The 80,000sq ft property, which was rented and occupied in the main by Bank of Ireland at the time of its purchase, is home now to several other major occupiers, with rents predominantly in the range of €53.50 to €54 per sq ft. Credit Suisse invested €22 million in the building to bring it up to the LEED (Leadership in Energy and Environmental Design) platinum standard typically demanded by corporate occupiers looking to fulfil their ESG (environmental, social and governance) goals.
Workday, the HR and financial management software specialist, is the largest tenant with 54,000sq ft of office accommodation across the first, second, third and fifth floors of the building. The company signed a 10-year lease in July and is currently in the process of fitting out its new space.
Swedish multinational Sandvik is the second-largest occupier, after signing a 15-year lease in April for 13,335 sq ft of space on the fourth floor, while Swiss asset manager GAM Funds agreed in July to occupy 5,572sq ft on the ground floor on a new 10-year lease. The Bank of Ireland continues to occupy part of the ground floor accommodation.
The remaining 3,000sq ft at the Dockline is available to let through joint agents JLL and CBRE at a quoting rent of €54 per sq ft.
Developed originally in the late 1990s with the benefit of the tax breaks then available in the IFSC by Quinlan Private, the investment vehicle headed up by financier Derek Quinlan, the property is one of the most conveniently located offices within the IFSC thanks to its position on the Luas red line. Following its full refurbishment, its features now include: a highly efficient heating, ventilation, and air conditioning system; a gym with showers and locker facilities; 130 bike spaces; reduced car parking from 82 to 36 spaces; efficient glazing; a retained façade and landscaped courtyard, and a feature reception with original artwork from the National College of Ireland whose main campus sits adjacent to the property. The project management included joint letting agents CBRE and JLL while the construction works were handled by Flynn.
Commenting on his company’s upgrading of the property, Oscar Castaneda, asset manager at Credit Suisse, said: “We managed to give new life to an older building, and put it in the best green standards that we possibly could. That has now been reflected in the successful leasing.”
Conor Fitzpatrick of JLL added: “I think the lesson is that there are plenty of buildings like this in Dublin, where if the right people like Oscar and Credit Suisse come along and look at it in the right way, there is plenty of life left in them. Admittedly, it’s not cheap or easy. If it was, everyone would do it. But if you do it right, you can get the results that make it all worthwhile.”