Donnybrook House offices to rent at €38.50 per square foot
Donnybrook House, the iconic office building in the heart of Dublin 4 Village, is back on the rental market, having been acquired by MM Capital and Roundshield Capital Partners for 25 million euros late last year .
Savills quotes €38.50 per square foot for office space and reports an “active interest” in the property. According to the agent, negotiations are at an “advanced stage” with two parties for space in the remodeled five-story office building.
The former AIB IT services center was acquired by UK property developer U+I and its then partners, US investor Colony Capital for around €10 million in 2014. The Dublin 4 office subsequently underwent a multi-million euro redevelopment and refurbishment in 2018, with an overhaul by architect Henry J Lyons helping to transform the building into a contemporary Grade A development. However, the property has struggled to find enough tenants, and it was put on the market last May, for 27 million euros, by agent Savills on behalf of the receiver, Kieran Wallace of KPMG.
It was later acquired for €25 million by Irish property investment and development group MM Capital and investment firm Roundshield Capital Partners.
Back in the rental market, MM Capital’s Derek Poppinga expects the property to get a post-pandemic boost.
“With the easing of Covid-19 related restrictions, activity has returned to the Dublin office market. Donnybrook House should benefit from such a return to activity due to its modern specifications and proximity to the city’s central business district,” he said.
The entire building is approximately 66,525 square feet, comprising primarily CAT A office space with leisure and retail use. The main vacant floors are the first (17,600 square feet) and the second (11,500 square feet). However, the owner is prepared to split these floors into suites ranging in size from 2,000 to 9,000 square feet and is already in active negotiation to do so on one floor.
The property already has a number of tenants on site, including Mark Anthony Brands, D|RES Properties and Raw Gyms. In addition to CAT A office space on the first and second floors, there are also ground floor office units at the rear of the property, which provide door-to-door self-contained office space for potential occupants. The property benefits from highly secure car and bicycle parking on site, as well as first class showers, changing rooms and lockers.