Friday 28 October 2016

Cosgraves & IPUT in bold pitch for Brexit business

Published 22/09/2016 | 02:30

The €60m Exchange building in Dublin’s IFSC will be capable of accommodating 1,200 employees
The €60m Exchange building in Dublin’s IFSC will be capable of accommodating 1,200 employees

The first new Grade A office space to be built within the original footprint of Dublin's IFSC since 2003 is set to be launched officially this evening by the Cosgrave Property Group and its partners on the project, the property investment fund IPUT.

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Upon completion, in October 2017, The Exchange building will be capable of accommodating up to 1,200 employees across its 105,000 sq ft (9,750 sq m) of office space, which will be laid out over six floors.

Joint letting agents Savills and JLL are seeking a new HQ occupier for the €60m building, either in its entirety, or on a floor-by-floor basis. At 19,000 sq ft, The Exchange's floor plates will be arranged to allow for optimum efficiency and flexibility, creating workspace with an A3 energy rating, which can be adjusted and split to respond to occupiers' individual requirements.

Designed by KMD Architects, the six-storey over basement building will be fitted out with a projected glass and granite facade, full floor-to-ceiling glazing and a full height central atrium capable of pouring natural light to each of its six floors. Its upper floors will provide extensive views across the IFSC and the wider Dublin skyline.

The Exchange is centrally located on the Docklands Luas line, adjacent to the Citi Group building, just 50 metres from the CHQ Building and within a five-minute walk from Connolly Station.

The property is surrounded by many of the world's leading financial services brands within the IFSC, including KPMG, Wells Fargo, JP Morgan Chase, SIG and Zurich, PwC, Morgan Stanley, and BNY Mellon.

The Cosgrave Property Group's development of the Exchange is being forward funded by IPUT. The Cosgrave Group are handling the project having agreed to sell the original property on the site to IPUT for €25m.

That property has since been demolished to make way for its replacement, which is being built by contractors John Sisk & Co.

IPUT is poised to benefit from a 6pc income yield once the new block is completed. Apart from its investment in The Exchange, the company has spent in excess of €300m over the past four years on over 500,000 sq ft of office space within Dublin's docklands.

Commenting in advance of this evening's launch at the CHQ building, offices director at Savills Andrew Cunningham noted: "The quality of the accommodation coming on stream at locations such as The Exchange is presenting a compelling offer and choice for businesses that are considering their options to expand or relocate to Dublin, particularly as the Brexit situation continues to unfold.

"However, the supply of Grade A space is likely to remain tight, with estimates that 40.25pc of all new or refurbished stock for delivery next year in the CBD is already committed."

Peter Cosgrave of Cosgrave Property Group said he expects The Exchange to be "one of the finest office buildings that Dublin has to offer, with a level of specification, finish and flexibility that will meet and exceed the exacting needs of global and domestic occupiers".

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