Having sold for €106.5 million in 2018, No 2 Dublin Landings has now been sold again for just over €50 million.

The amount paid by German investor MEAG, is some €10 million less than the €60 million which had been sought by agent Savills when it brought the property to the market on behalf of receivers Deloitte at the end of last October. MEAG’s intention to acquire the building was first reported by The Irish Times in February.

The sale price falls someway short of the €60 million-plus loan the German bank Helaba extended to the building’s outgoing owners, South Korean real estate investment trust JR AMC and Hana Financial Investment, when they acquired the property in November 2018 through German investor KanAm Grund.

Helaba engaged Deloitte as receiver to recover the money owed to it in February of last year. The €50 million figure pales even further when compared with the €140 million valuation mooted when JR AMC and Hana weighed the sale of the property in 2022.

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A more recent attempt by the owners to refinance the building faltered after its tenant, WeWork, filed for Chapter 11 bankruptcy in the US last November.

Developed by Sean Mulryan’s Ballymore in partnership with Singaporean-headquartered, Oxley, at their wider one million square foot mixed-use Dublin Landings development, No 2 Dublin Landings remains fully let to WeWork, which has now exited from bankruptcy following the rationalisation of its global portfolio at the end of May 2024. Under the terms of the process confirmed by the US bankruptcy court, WeWork eliminated $4 billion of its pre-petition debt and will save $12 billion (€11.45 billion) in projected lease liabilities.

It amended the terms of more than 170 of its office leases and exited from 160 of its locations. As part of that process, the flexible workspace giant negotiated a €1.38 million reduction in its annual rent for No 2 Dublin Landings, bringing the figure from €5.38 million to €4 million.

It also handed back the smaller of the six-storey building’s two penthouse top floors, which measures 21,000 sq ft