Tuesday 12 December 2017

Barclays agrees 20 year lease in Dublin 2

One Molesworth street in Dublin 2.
One Molesworth street in Dublin 2.
Ellie Donnelly

Ellie Donnelly

Green REIT has signed an agreement with Barclays Bank Ireland to lease 3,437 sq m. at its flagship development at One Molesworth street in Dublin 2.

The news comes following confirmation last month that the bank is in talks with Irish regulators to expand here in order to continue servicing customers in the European Union after Brexit.

The letting will cover two and a half floors of office space and is for a duration of 20 years, with a tenant break option at the end of year 12.

Read more: Barclays banks on Dublin as post-Brexit base

The annual rent payable by Barclays will be €2.35m or €670 per sq m. per year.

Barclays will also have the option to rent a further half floor.

Following the letting to Barclays of 55pc of the total office space, the remaining office space to be let comprises of the balance of the third floor (subject to the Barclays option above), and the fourth and fifth floors totalling 2,900 sq. m.

The remainder of the building, including 1,672 sq m. of retail space at ground and lower ground level will be ready for fit out in the latter half of 2017.

"We are delighted to have secured our first office letting at One Molesworth street, our flagship building...and to have secured such a high calibre tenant as Barclays," Paul Culhane, development director of Green Property REIT Ventures, said.

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