HubSpot takes IFSC office space
Published 10/11/2015 | 02:30
US tech firm HubSpot has agreed terms to take space in a Hibernia Reit-owned office block in Dublin's IFSC.
The company will take some 27,500 sq ft at One Dockland Central on Guild Street in the IFSC. The building, which is currently being refurbished, was previously known as Commerzbank House.
HIbernia bought the property along with Guild House on the same block for €90m in July last year.
In a statement, Hibernia said HubSpot "will occupy the third and fourth floors of the building and 14 car parking spaces on a 20-year lease, with a tenant-only option to break after 10.5 years.
"HubSpot will pay rent of €1.3m per annum, equating to an average of €45 per sq ft for the office space, after receiving six months rent free from lease commencement whch is expected in December 2015."
Refurbishment of the 55,000 sq ft building is expected to be completed by early next year.
Hibernia chief executive Kevin Nowlan commented: "We are delighted to welcome HubSpot to One Dockland Central and to have pre-let half its available space in advance of our official re-launch of this building.
"The rents achieved are around 40pc above the levels we underwrote at acquisition in July 2014, demonstrating the attractive fundamentals of the building and the value of active management," he said.