Irish Life pays €33m for Georges Dock 2 offices
IRISH Life has agreed terms to take over George's Dock 2 in a deal estimated to be worth €33m. The firm will have a net initial yield of some 6pc but is expected to upgrade the facilities significantly.
The five storey block has just over 40,000 sq ft of office space. IT had been owened by a consortium tied to the financier Derek Quinlan since the mid-90s.
Some two fifths of the block is vacant at present. The former tenant - trading firm Susquehanna Investment Group - moved over to the firmer AIB International building in the IFSC earlier this year.
Rents in the property are going for in the region of €44 per sq ft at present, but a slew of rent reviews are upcoming, with the likelihood that those rents will be pushed up.
The deal is another sign of how active Irish Life now is in the market.