Monday 5 December 2016

Office of Public Works signs lease for former bank HQ

Published 09/03/2016 | 02:30

OPW expected to pay around €60 a square foot in Baggot Street. Photo: Bloomberg
OPW expected to pay around €60 a square foot in Baggot Street. Photo: Bloomberg

The Office of Public Works (OPW) is set to take over Bank of Ireland's former headquarters in one of the biggest office lettings of the year.

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It has signed terms to take more than 150,000 sq ft of space at the Miesian Plaza as the office complex is now known.

The block is owned businessman Larry Goodman.

The OPW is expected to pay in the region of €60 per square foot, which would make it one of the priciest office blocks in the city. Knight Frank is managing the letting of the property.

Miesian Plaza is one of the most recognisable office developments in the city, and was long the headquarters of Bank of Ireland.

Mr Goodman bought the property through his Parma Developments business for €40m in 2013, when the market was near the bottom of the cycle.

Mr Goodman's team then carried out one of the biggest refurbishments of an office block in Irish history. The buildings, which were constructed in the 1960s and '70s, were refurbished from top to bottom in a €100m project.

The property is made up of three separate buildings. Two blocks face on to Baggot Street. They have capacity for 45,000 sq ft and 31,000 sq ft respectively, and are expected to be ready for fitting out before the summer.

A larger block to the rear of the complex has a floor area of around 143,000 sq ft. That is expected to be completed towards the end of 2016.

When it's completed, the property will be one of the most environmentally friendly sets of buildings in the city, with a "leadership in energy and environmental design" platinum rating.

The complex was originally modelled after the Seagram Building in New York. While Miesian is a fraction of the height of that 38-storey skyscraper, it is considered an outstanding example of "modernist" design.

Before Mr Goodman bought the block it had been bought in 2008 by a consortium led by financier Derek Quinlan and developer Paddy Shovlin for €180m.

Irish Independent

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