Friday 30 September 2016

Trinity agrees to take over former AIB IFSC office for research & development

Published 16/06/2016 | 02:30

Trinity College has taken over the former AIB Trade Centre in the IFSC
Trinity College has taken over the former AIB Trade Centre in the IFSC

Trinity College has agreed terms to take over the former AIB Trade Centre in Dublin's IFSC, as the area continues to move away from its financial routes.

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The college has signed the lease held by AIB over the property, which is officially known as Stack B (pictured above).

Stack B is a self contained office block of close to 14,500 sq ft spread over three floors. There are some six years left to run on the lease. The block was bought by a high net worth individual from Germany back in 2012. AIB relocated most of its staff in the building back to its Ballsbridge headquarters some years ago.

Stack B overall offers some 18,700 sq ft, including the basement. There are also 17 parking spaces tied to the property.

It was originally redeveloped by an Irish businessman several years ago who sold the property to a consortium of high net worth individuals during the early part of this century before it was sold to the German investor.

JLL acted for AIB, while GVA O'Buachalla acted for Trinity College.

Elsewhere, there has been activity at East Point Business Park and the Gateway Building on Dublin's northside.

Whirlpool is moving out of the business park and relocating to the Gateway Building on the East Wall Road nearby.

The move sees Whirlpool take up the remaining 25,000 sq ft of space at Gateway. The rest of that property has been let to ESB while the utility redevelops its headquarters off Merrion Square.

The deal means the Gateway building - a top quality block of more than 100,000 sq ft - go from completely vacant to fully occupied in less than a year after being almost empty since it was developed in 2008. JLL acted as letting agents over the Gateway Building.

As a result of Whirlpool's move, Cisco Systems has taken over that company's former office in East Point on a fresh leases from McGarrell Reilly.

JLL's Simon McEvoy declined to comment on the deals.

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