Kennedy Wilson is looking to secure upwards of €145 million from the sale of two prime office investments in Dublin’s city centre and docklands.
CBRE and Knight Frank have been tasked by the US property giant with finding a buyer for 20 Kildare Street. Located close to Leinster House, the 65,000 sq ft office block is fully occupied by a range of tenants that includes Aircastle, Ara Partners, Consello, Davidson Kempner Capital Management, Dentons, Egon Zehnder and Lanthorn, and is generating a rent roll of about €4 million a year.
Developed behind the restored facade of the original Georgian building at 20 Kildare Street, the property now features a triple-height glazed atrium and meets the highest sustainability credentials, including Nearly Zero Energy Building (NZEB) compliance. Number 20 is understood to be seeking €75 million.
Separately, Kennedy Wilson is understood to have instructed CBRE and Savills to sell office accommodation at Capital Dock, the landmark mixed-use scheme it developed at the gateway to Dublin’s south docklands.
The sale of Ten Hanover Quay, as the offices are known, comes just three years after the US group and its joint venture partner on the scheme, Nama, secured global fintech and payments provider Fiserv as tenants for all 68,300 sq ft of its accommodation.
The company agreed a deal in 2022 to occupy the property on a 15-year lease with a tenant break option in year 12. While the rent was not disclosed at the time, it is understood Fiserv agreed to pay between €55 and €60 per sq ft for the property.
As a Class-A industrial warehouse office redevelopment, the property comes with leading sustainability credentials, including gold certifications across LEED, WELL and WiredScore, along with place-making and community engagement.
The seven-storey office building, which is housed within a converted warehouse and stables dating from the 1780s, is expected to command a guide of about €70 million.
The overall Capital Dock campus extends to 5.3 acres and comprises 460,000 sq ft of fully occupied offices, 190 high-end residential units, 2.5 acres of public space, 27,000 sq ft of restaurant, bar and food offerings, including Brewdog Outpost, Fresh the Good Food Market, and a waterside park and playground.
