A new office development opposite the Custom House in Dublin looks set to become an extension of the International Financial Services Centre as four multinational financial services companies prepare to move into the first block at George's Quay.
With virtually none of the one million sq ft of office space in the IFSC vacant, a number of other financial companies are understood to be in negotiation to rent accommodation in the second block at George's Quay which is also being developed by the Cosgrave Property Group.
The four companies who will share 105,000 sq ft in the first block will be paying rents of around £35 per sq ft but will not be able to avail of the double rent allowances and the remission of rates that applies to the earliest buildings in the IFSC. Rents in the IFSC vary between £30 and £40 per sq ft though Commerz Bank is currently seeking £48 per sq ft for a fully fitted office suite of 2,000 sq ft on a three-year lease.
One of the companies going into George's Quay, Invesco, will be taking 42,000 sq ft on two floors, while the other three, Global Asset Management, Dexia (part of Bank Internationale a Luxembourg) and Northern Trust will each occupy one floor.
They will also share 100 carparking spaces in the basement at an annual rent of £2,750 per annum. According to Anthony O'Loughlin of Jones Lang LaSalle, the four lettings underline the fact that George's Quay has become an extension of the IFSC south bank of the Liffey.
He said the deals also underscore the fact that the financial services industry has reached a critical mass in Dublin and is no longer dependent solely on tax breaks.
The second block at George's Quay will have 154,700 sq ft including a penthouse suite with a spectacular 360 degree view over the city. Rents are expected to be in the region of £40 per sq ft, depending on the space required. Agents Finnegan Menton acted for Invesco, while DTZ Sherry FitzGerald advised Global Asset Management.
