Barclays latest to take Dublin space at One Molesworth Street

Barclays Bank has signed a 20-year lease for 37,000 sq ft of lettable space at Green REIT’s flagship development at One Molesworth Street in Dublin ahead of Brexit.

Dublin-based stockbroker Goodbody said securing one of the first major Brexit relocation deals was “a significant boost” for Green REIT.

The lease has a tenant-break option at the end of year 12 for the office space which commands €2.35m (£2.1m) annual rent, equating to €62/ sq ft – one of the strongest rents achieved in the city in 10 years. Barclays has an option to take a further 8,000 sq ft.

The space Barclays is taking covers two-and-a-half floors of a total of five floors of office space, plus the option for another half a floor.

Barclays is entitled to a market-level rent-free period at the outset of the lease – believed to be for a year.

‘Significant boost’ during Brexit

The deal sees Barclays take 55% of the development’s total office space. Some 18,000 sq ft of retail space at ground and lower-ground level will be ready to be fitted out towards the end of the year.

Paul Culhane, development director of Green Property REIT Ventures, said the REIT looked forward to leasing the balance of the office and retail space.

Discussions were ongoing with prospective tenants, he added.

Colm Lauder, who heads Goodbody real estate research, said: “Securing one of the first major Brexit relocation deals is a significant boost for Green REIT. The letting further de-risks Green’s development pipeline and allows early crystallisation of development profits.”

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