Having paid €230 million in 2015 to acquire Meta’s original Dublin headquarters at 4/5 Grand Canal Square, Union Investment has commenced work on a substantial redevelopment of the south docklands office scheme. The construction works, which are being led by Walls following a competitive tender process, are expected to take 18 months to complete, and will cost in the region of €70 million. The redevelopment is being managed by Lafferty, and is getting under way just over two years after Meta vacated the building early with a view to bringing its employees from across the capital under one roof at its new European headquarter campus in Ballsbridge, Dublin 4.
Upon completion, 4/5 Grand Canal Square will comprise some 23,226sq m (250,000sq ft) of office and amenity space, all of which will target an A3 Ber rating, along with LEED Platinum, SmartScore Enabled and WiredScore Platinum certification. In seeking to redevelop the existing building, Union Investment will be aiming to record significant embodied carbon savings. The German investor estimates that the Grand Canal Square project will result in an 80 per cent reduction in carbon emissions on that of a comparable new build. This will be achieved through the reuse of the existing structure and materials. The completed redevelopment will be powered entirely using wind power.
The redevelopment will see the provision of two new reception areas at Grand Canal Square and Cardiff Lane and a seven-storey glazed atrium, incorporating a town hall and an area to be known as ‘Collaboration Street’ geared towards flexible and collaborative working.
About 12.5 per cent of the building’s space will fitted out for a variety of uses including a business lounge, ground-floor cafe with outdoor seating, flexible workspace, a private gym and wellness suite, and a communal roof terrace with waterfront views. The building will also have a dedicated bike entrance, secure bike storage, changing rooms, shower facilities and basement car parking.
RM Block
Union Investment will be hoping that the timing and completion of the property’s redevelopment coincides with an increase in demand for accommodation in the Dublin office market.
Joint letting agents Savills and Cushman & Wakefield note that while the city has historically seen between three and 4.5 million square feet of office space under development at any one time, by mid-2026 this is forecast to dip below 500,000sq ft. 4/5 Grand Canal Square is currently the only speculative office scheme due to be completed in 2027.
Commenting on his company’s plans for the property, Seb Wilson, asset manager at Union Investment, said: “With its location, premium amenity offering and best-in-class environmental credentials, we believe 4/5 Grand Canal Square will be one of the most attractive workplaces in Europe when it completes in 2027.”
