IPUT plc has completed two new lease agreements on 4,041 sq.m. (43,500 sq.ft.) of office space at 2 & 3 Harcourt Centre, Dublin 2.
Acquired by IPUT in 2013, The Harcourt Centre comprises 6,782 sq.m. (73,000 sq.ft.) of prime office space. Global Consulting Group Mazars has agreed a new lease on 2,880 sq.m. (31,000 sq.ft.) of office space at 3 Harcourt Centre which will see the company remain in occupation of the building into the medium term.
Leading international law firm Eversheds Sutherland will also continue their expansion within the IPUT portfolio, taking 2 additional floors at 2 Harcourt Centre while extending all existing leases and will now occupy 1,161 sq.m. (12,500 sq.ft.) in the building.
Niall Ringrose, Head of Property Management at IPUT plc said:
‘This is a very positive outcome for IPUT. By engaging proactively with our existing occupiers, we can work together to meet future requirements. We are delighted to be in a position to accommodate the continued growth of both Mazars and Eversheds Sutherland within our portfolio.’
Mazars is a global audit, accounting and consulting group employing more than 23,000 professionals in 89 countries. Eversheds Sutherland is a global Top 15 law firm employing over 5,000 people in 67 offices worldwide.
HWBC acted for Mazars while Knight Frank advised Eversheds Sutherland. Other occupiers within the buildings include WBT holdings, Apex Fund Services, Edelman, Iterum Therapeutics and Transitions Optical.
IPUT plc announces that it has completed the acquisition of a large scale, modern logistics building beside Dublin Airport for €19 million.
Unit 1 occupies a high-profile position at the entrance to Dublin Airport Logistics Park and extends to 17,176 sq.m. (184,886 sq.ft.) on a standalone site of 8.4 acres. The building has been acquired with vacant possession following an off-market sales process. IPUT will immediately undertake a substantial programme of works to upgrade the building to meet the highest international logistics standards prior to re-letting. Dublin Airport Logistics Park is strategically situated close to the M1, M2 and M50 motorway network and is located 5 minutes from Dublin Airport. The building benefits from a clear internal height of 9.5 metres with extensive loading access provided via 15 dock levellers and 5 grade level loading doors.
Michael Clarke, Head of Investment at IPUT plc said:
“We continue to strategically increase our exposure to the logistics sector and now own and manage over 2.4 million sq.ft. of high quality logistics space in Dublin. This acquisition reflects our strategy of acquiring large scale logistics buildings in strategic locations which can be repositioned to provide enhanced income returns for shareholders.”
This purchase follows the successful acquisition and refurbishment of two, large scale logistics buildings at North West Business Park, Dublin extending to over 240,000 sq.ft which were both pre-let on long term leases.
Philip Harvey of William Harvey Ltd advised IPUT plc in relation to this acquisition and has been appointed as sole letting agent. Rod Nowlan of Bannon represented the vendors.
IPUT plc together with its partner Cashel Fund Plc announces they have leased 40,000 sq. ft. of office space over five floors at 5 & 6 Earlsfort Terrace, Dublin 2. BioMarin Pharmaceuticals, the NASDAQ listed US biotechnology company, will occupy 26,000 sq. ft. over the 4th, 5th and 6th floors. Harmonic Fund Services and W&W Advisory have leased the 3rd floor (8,600 sq. ft.) and 7th floor (5,100 sq. ft.) respectively. These long-term lease agreements will generate an annual income of €2.42 million for the Fund.
5 & 6 Earlsfort Terrace
As part of ongoing portfolio regeneration, IPUT plc initiated an extensive redevelopment of 5 & 6 Earlsfort Terrace to include the addition of two floors increasing the total office space to 7,400 sq.m. (80,000 sq.ft.). The redeveloped building has now been certified to LEED Platinum and WiredScore Platinum, the highest environmental and connectivity standards available.
The scheme overlooks a new urban park, designed by award winning landscape architect Robert Townshend, which is being delivered as part of the redevelopment of 5 & 6 Earlsfort Terrace and will be open to the public from March 2019.
IPUT Head of Development, Derek Noble, said:
“IPUT’s investment in 5 & 6 Earlsfort Terrace reflects our strategy of setting the highest standards for office buildings in Dublin’s CBD with an emphasis on sustainability and improving the public realm. The quality of this development is reflected by a strong level of leasing activity across the scheme”.
CBRE and Savills are the joint letting agents for the scheme. Colliers International acted for BioMarin while CBRE advised Harmonic Fund Services.