Blackstone operations move to 30 Herbert Street
Blackstone is to move its GSO Capital Partners subsidiary to the former Matheson building on Herbert Street in Dublin, completing the current round of lettings at the property.
The private equity giant currently occupies two floors of O'Connell Bridge House. However it will transfer its operations to 30 Herbert Street later this year.
The firm has taken 9,474 sq ft on the premises on an 15 year lease. Blackstone have agreed an annual rent of €47.50 per sq ft.
While the rent is the highest rate in that building, it reflects an extensive refurbishment of the property.
A new reception area has been put in place, along with air conditioning and bathrooms.
The deal completes letting at the premises.
The property was the long time HQ of law firm Matheson before it relocated to 70 John Rogerson's Quay.
JLL is acting as letting agent over the property.
The Irish Life owned building counts US bank Brown Brothers Harriman and LGT Bank.
The move is the latest sign of Blackstone consolidating its presence in Dublin.
Through GSO, it offers financing to businesses across Europe from the capital.
Last week the Irish Independent revealed it is ready to provide financing to Irish SMEs.
Blackstone is targeting companies at the higher end of the SME spectrum, which are defined as having a turnover of up to €250m.
The move will fill a gap in the market that has been vacated by the banks as they roll back on their lending.
Irish SMEs have been devastated by the downturn, with many firms that are profitable at an operating level struggling under legacy debts from the crash.
Many of those debts are related to property deals that turned toxic after the bursting of the bubble. That overhang of debt has not helped a sector struggling to find alternative sources of funding.