IPUT plc announces that leading Irish law firm, Ronan Daly Jermyn, will join the Food Safety Authority of Ireland at ‘The Exchange’ in Dublin’s International Financial Services Centre (IFSC). ‘The Exchange’, which is being forward funded by IPUT plc, is the first new office development within Dublin’s IFSC since 2003 and is due for completion in October 2017.
In Q2 the Food Safety Authority of Ireland were announced as the first tenant to take space at The Exchange – agreeing a deal to take 19,041 sq. ft. across the first floor. A deal has now been concluded with Ronan Daly Jermyn to pre-let 6,781 square feet of space on the ground floor of the six-storey 105,000 square foot office building. Ronan Daly Jermyn are entering a 20 year lease, which includes a break option after 12 years, at a rent of €50 per square foot.
Named 2017 Law Firm of the Year at the Irish Law Awards, Ronan Daly Jermyn is a top 10 Irish law firm, with offices in Cork, Dublin, Galway and London, and a staff of more than 230.
Commenting on behalf of IPUT plc, Head of Investment Michael Clarke said: “The leasing of The Exchange is progressing on schedule and we are very pleased to be able to include another top tier Irish Law Firm as an occupier within the IPUT portfolio.”
“This is an exciting time for Ronan Daly Jermyn” said Richard Martin, Managing Partner of Ronan Daly Jermyn. “The new, larger space affords the firm further facilities for growth as the firm continues to expand its offering across its offices in Dublin, Cork and Galway.” He continued, “we were fortunate to find such an exceptional space right at the heart of our preferred location. This brand new building will provide our people, and our clients, with a bespoke, state of the art space. It brings the total square footage occupied by Ronan Daly Jermyn across its three offices to over 40,000 sq ft from which the Ronan Daly Jermyn team serves a wide range of national and multinational clients.”
IPUT is the largest domestic owner of prime office buildings in Dublin’s central business district. IPUT has a net asset value of €2.1bn and office’s comprise 65% of the portfolio. The Fund controls over 2 million sq ft of prime office space in Dublin occupied by leading domestic and international companies. Legal firms account for almost 13% of our rental income and include leading Irish Law firms; A&L Goodbody, Beauchamps, Dillon Eustace, Eversheds, McCann Fitzgerald and now Ronan Daly Jermyn.
21 September, 2017 | IPUT plc, the largest unlisted property vehicle in Ireland, announces its 2017 sustainability performance results as assessed by The Global Real Estate Sustainability Benchmark (GRESB). IPUT has achieved a significant year-on-year improvement in its sustainability performance following the issue of its 2016 Sustainability Report and which ranks IPUT amongst the premier global real estate funds. IPUT’s 2016 Sustainability Report is available here.
In its second year of participation in the GRESB global survey, IPUT achieved a score of 56 a significant improvement on our 2016 result. The 2017 outcome results in a 2-star GRESB rating, a one-star improvement on 2016.
GRESB assesses the sustainability performance of real-estate portfolios worldwide. The 2017 GRESB survey covers over 850 property companies and funds representing over US$3.7 trillion of real estate assets. GRESB data is used by institutional investors representing over US$17 trillion of institutional capital.
IPUT Chief Executive, Niall Gaffney, commented; “The 2017 GRESB result represents a significant improvement in our second year of participating in what is the global standard for real-estate sustainability rankings. There is momentum in our sustainability activities and our objective is to continue to drive improvement and become a global leader in the GRESB survey. We will carefully analyse our 2017 results to help identify key areas of focus in our programme, and build towards our objective of being the first Irish fund to achieve a 3-star Green Star Rating by 2018”.
5 Earlsfort Terrace – the former headquarters of leading Irish law firm Arthur Cox – is undergoing a €20 million refurbishment which will provide 66,000 sq. ft. of Grade A office space. Upon completion in mid-2018, the building will accommodate up to 750 office workers across its 7 floors. 200 construction jobs will be created in the process.
Refurbishment works will include the addition of two new floors – featuring new 2.7 metre floor-to-ceiling heights. Internally, the building will be completely modernised and delivered to LEED Platinum standards. New features will include 3 new high-speed lifts, generous provision of showers, lockers and changing rooms – in addition to 50 car park spaces and space for 70 bicycles at basement level.
Externally, the building will retain its distinctive mirrored façade and will see the redevelopment of the plaza fronting onto Earlsfort Terrace. Designed by award winning landscape architect, Robert Townshend, ‘The Earlsfort Plaza’ – frames views of the iconic National Concert Hall directly across the road. This vibrant new urban space will provide a public amenity for occupiers and visitors alike.
5 Earlsfort Terrace is situated in the heard of Dublin’s central business district overlooking the iconic National Concert Hall and adjacent to the Five Star Conrad Hotel. The location is central to all of Dublin city’s amenities and transport links with the LUAS light rail system accessible nearby at St Stephen’s Green, providing access to the North City, Docklands and the South & West suburbs. Commuters can access an abundance of Dublin Bus routes serving all parts of the city along with Dublin bikes on the doorstep. The DART and mainline rail are nearby at Pearse Street Station.
IPUT Chief Executive, Niall Gaffney, said: “We are pleased to announce a significant investment in the refurbishment of one of Dublin’s landmark office buildings. Our investment in 5 Earlsfort Terrace, together with our partner, Cashel Fund plc reflects our strategy of consistently regenerating our existing portfolio and setting the standard for office buildings in Dublin’s core business district. The investment follows on from our investment in 10 and 40 Molesworth Street, both of which have been successfully redeveloped with lettings well underway.”
Andrew Cunningham, Director of Offices at Savills Ireland comments:
“5 Earlsfort Terrace says it all. This is a unique opportunity to obtain 5 Star, headquarter quality office space with a stand out address just off Stephen’s Green. This eye catching building will overlook the new Robert Townshend designed plaza, the National Concert Hall beyond and the adjacent 5 Star Conrad Hilton.”