Starwood partner with Chartered Land in €35m development of D4 work-live campus
Starwood Capital, the real estate investment firm, is to partner with Chartered Land, an Irish commercial property developer, on a €35m development of D4-based office-residential campus, Elm Park.
Starwood, which acquired the 750,000 sq ft campus in January for €190m, will develop the campus to include a sport and leisure centre, significant landscaping, and further amenities.
Chartered Land will undertake a major development of the eight-story, 174,000 square foot Pioneer Building, which is prominently located at the front of the campus.
Elm Park is located on Merrion Road in Dublin 4.
Senior vice president of Starwood Capital, Adam Shah, said that the firm is developing Elm Park due to its "exceptional promise".
“Given its scope and scale, the quality of its existing assets and the prospects for significant enhancement through strategic development, we expect to create a world-class work-live environment at Elm Park.
"When repositioned over the next 12 months, Elm Park will feature modern, architecturally striking office buildings and apartments, complemented by a lush, landscaped campus with best-in-class amenities ideally located in South Dublin," Mr Shah said.
Chartered Land chief executive, Andrew Gunne, said the estate's potential is highlighted by its existing clients.
"The fact that tenants such as Allianz, Novartis, Willis and Wipro have located here underscores its appeal to large, international corporate occupiers. Given the attractive Dublin 4 location adjacent to Ballsbridge, Donnybrook, Belfield and Blackrock, our renovations should elevate Elm Park to compete favourably with the very best new developments for years to come.”
Elm Park is made up of an existing 174,000 sq ft building, two blocks of multi-family housing, totalling 332 units, a terrace of eight houses as well as a café and a day care facility.