IPUT has pre-let the entire of 10 Molesworth Street to Irish financial services group Allied Irish Banks on a 20-year lease.
The 115,000 sq ft landmark office building is located in Dublin’s commercial and government quarter and is due for completion in Q1 2018.
The completion of the letting to AIB means IPUT have fully pre-let all of their developments, bringing total lettings for the year to date 2017 to 400,000 sq ft, generating €16m in new rent.
Irish agency HWBC recently forecast that prime office rents in Dublin city centre are set to peak at €65/sq ft next year, bringing to an end four consecutive years of rental growth.
AIB’s letting adds to a 56% increase in year-on-year lettings in Dublin, with previous significant deals including Barclays signing up as a tenant at Green REIT’s One Molesworth Street.
IPUT chief executive officer Niall Gaffney said: “We are delighted to welcome AIB plc to 10 Molesworth Street and to the IPUT portfolio.
We designed 10 Molesworth Street to reach the highest possible standards of sustainability and it will be the first newly constructed office building in Ireland to achieve platinum accreditation through the LEED rating system.
“We take a long term approach to investment and this strategy is reflected in the selective redevelopment of our properties. As we see with the successful completion and leasing of 10 Molesworth Street, this form of investment both enhances the quality of our building stock and regenerates our rental income for the longer term.”
JLL and Knight Frank handled the letting for IPUT plc; AIB plc was advised by Cushman & Wakefield.
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