Sunday 21 January 2018

Goshawk signs up for Green REIT D2 development

An artist’s impression of the One Molesworth Street building
An artist’s impression of the One Molesworth Street building
Ellie Donnelly

Ellie Donnelly

Green REIT has announced another letting at its high end office development at One Molesworth Street in Dublin 2.

Goshawk Management, a global aircraft lessor, will lease 12,800 sq ft at Green REIT's flagship office development.

The annual rent payable by Goshawk is €0.85m, which equates to €65/sq ft for the space.

The 20-year lease has a tenant break option at the end of year 13, and a nine-month rent-free period at the outset of the lease.

This lease follows the 37,000 sq ft letting in July of the first, second and half of the third floor to Barclays Bank at €62/sq ft. Almost three-quarters of the office space has now been let and the remaining space comprises 8,000 sq ft for the other half of the third floor, which Barclays has an option on, and 10,000 sq ft for the fifth floor. The ground floor is also outstanding.

"One Molesworth Street is our flagship office building at the heart of Dublin's central business district," said Paul Culhane, development director of Green Property REIT Ventures.

"To have secured such a high-calibre tenant as Goshawk is yet another strong endorsement of the quality of the development as well as its location," he added.

A Davy analyst said that the letting sets a new benchmark in Dublin for a floorplate of this size in the current cycle.

"We had assumed a rent of €63/sq ft for the remaining office space, so this letting is slightly ahead of our forecasts and suggests that the top floor might also achieve a better-than-expected rent," a Davy spokesperson said.

Irish Independent

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