Monday 19 August 2019

Hibernia REIT pre-lets part of One Dockland Central to US software giant HubSpot

BOUGHT: Hibernia REIT paid €90m for Commerzbank and Guild House in November 2014
BOUGHT: Hibernia REIT paid €90m for Commerzbank and Guild House in November 2014

Paul O'Donoghue

Property investment firm Hibernia REIT has pre-let 27,500 square feet currently under refurbishment in Commerzbank House, which has been renamed One Dockland Central, to to HubSpot Ireland.

HubSpot is a wholly owned subsidiary of US marketing and sales software company HubSpot. It had sales of more than $100m last year and has a market capitalisation of about $1.8bn.

The company will occupy the third and fourth floors of the building and 14 car parking spaces on a 20 year lease, with a tenant-only option to break after 10 and a half years.

It will pay rent of €1.3m per annum, equating to an average of €45 per sq. ft. for the office space, after receiving six months rent free from the commencement of the lease, which is expected in December.

Hibernia REIT chief executive Kevin Nowlan said: “We are delighted to welcome HubSpot to One Dockland Central and to have pre-let half its available space in advance of our official re-launch of this building. 

"The rents achieved are around 40pc above the levels we underwrote at acquisition in July 2014, demonstrating the attractive fundamentals of the building and the value of active management.”

Work to refurbish 55,000 sq ft of the office accommodation of One Dockland Central and all its common areas started in July and is due to be completed early in 2016. 

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