Principal Global Investors agrees deal for offices at Kildress House

US-headquartered investment manager relocates Dublin operation to new, ESG-compliant accommodation

The ongoing growth in demand for sustainable, ESG-compliant office accommodation is reflected in the move by US-headquartered investment manager, Principal Global Investors, to relocate and expand its Dublin operations to Kildress House on Pembroke Row. The company has agreed a deal to occupy the ground floor, an area of 222sq m (2,392sq ft), at the building on a new 10-year lease, and at a rent of €53.50 per sq ft. Seán Ryan McCaffrey of Savills represented the landlord, McAleer & Rushe, while Mark Headon of JLL acted for Principal.

Developed originally by MRP some 35 years ago as a three-storey office block, Kildress House has undergone a full redevelopment and been transformed into a six-storey grade-A office scheme of 2,062sq m (22,200sq ft) with LEED Gold sustainability credentials and an A3 Ber rating. Designed by architects Henry J Lyons, the building occupies an excellent location within Dublin’s central business district. Situated on Pembroke Row between Lower Baggot Street and Wilton Place, and just across the Grand Canal from Upper Baggot Street and Burlington Road, the property is surrounded by numerous international corporate occupiers, including LinkedIn, Amazon, Bank of Ireland and BDO. Kildress House itself is already home to leading loan servicer BCM Global, drinks company Proximo Spirits and investment firm Muzinich & Co.

Commenting on Principal’s decision to locate its operations at the building, McCaffrey of Savills said: “This move shows the increasing market appetite for spaces that align with environmental, social, and governance (ESG) principles. We believe Kildress House, with its superb accreditation and design, offers a prime solution for businesses prioritising sustainability.”

The remaining space at Kildress House comprises the first and second floors, each extending to approximately 418 sq m (4,500sq ft). These floors are available to let individually or collectively to accommodate tenants seeking up to 936sq m (9,000sq ft).

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times