This is an incredibly exciting time for DLA Piper, and we are absolutely delighted to secure 40 Molesworth Street
International law firm DLA Piper has signed a 16-year lease for a 6 storey office block on Molesworth Street in Dublin that was previously home to the EU’s mission in Ireland.
The lease agreement signals the firm’s significant growth plans and is also the latest sign that speculation of an office-free future sparked in the early stages of the pandemic now look overblown.
DLA Piper, which currently has a relatively modest headcount in Ireland of 75 staff will lease the 30,000 sq ft of prestige city centre office space at the corner of Molesworth Street and Dawson Street, close to the Dáil and with neighbours including Barclays Bank and AIB and Davy Stockbrokers.
The lease runs until 2037 and allows space for the significant growth of the practice,
Country Managing Partner for DLA Piper in Ireland, David Carthy, said: "This is an incredibly exciting time for DLA Piper , and we are absolutely delighted to secure 40 Molesworth Street.”
“The new office will allow us to significantly grow our presence and continue to attract and develop talent in Ireland in the coming years, further cementing our position as the leading global law firm in Ireland,” he said.
The property at 40 Molesworth Street was extensively renovated in 2017 by former owner IPUT, which had pre-leased the building to Walmart owned Jet.com at an annual rent of €1.8m.
The property was subsequently sold by IPUT to international investor State Street as part of wider property deal.
The Covid pandemic dented office demand over the past 18 months, as some businesses held off signing leases while they assessed their long term office needs in the context of greater working from home and potential lower numbers of daily staff being centrally based.
However activity has picked up this year.
The vacancy rate for Grade A office space in Dublin's city centre rose from 9.8pc to 10.9pc in the three months to the end of June and the overall Dublin office vacancy rate increased from 9.9pc to 10.6pc, but the majority of the increase was due to the completion of new office developments, property firm Hibernia Reit said when it announced results last month.