Wednesday 12 December 2018

Johnny Ronan's Facebook deal biggest single office letting in State's history

Agreed: Facebook has signed a 25-year lease for Fibonacci Square
Agreed: Facebook has signed a 25-year lease for Fibonacci Square
Ronald Quinlan

Ronald Quinlan

While much of the attention surrounding Facebook's decision to relocate its European headquarters to a new campus on the site of the AIB Bank Centre in Ballsbridge has centred on the thousands of new jobs that will be created there in the coming years, the move is a major coup for developer Johnny Ronan's Ronan Group Real Estate (RGRE) and its funding partners, Colony Capital.

Fibonacci Property ICAV, a joint venture between RGRE and Colony, have signed a 25-year lease agreement with the social media giant for the entirety of Fibonacci Square, the 32,500 sq m (350,000 sq ft) office space the developer is set to deliver at the Merrion Road entrance to Facebook's new campus. RGRE was advised by Knight Frank while Facebook was advised by Cushman and Wakefield.

Welcoming the agreement of the deal - the largest single office letting in the history of the State, RGRE's senior development manager, John Ronan Jr, said: "The natural environment at Fibonacci is rare in a city and we are delighted for Facebook. The campus will be a dynamic and engaging environment, ideally fit for their stated purpose of collaboration and sharing ideas."

Stefan Jaeger, managing director of Colony Capital, said: "We are delighted to join forces once more with RGRE and to continue to build our growing development pipeline and track-record in the delivery of the highest quality office-led developments in Dublin. Fibonacci Square will provide iconic office space in a market where occupier demand for the best buildings remains strong. We look forward to completing this prime development."

The new buildings at Fibonacci Square will frame the entrance to the wider Facebook campus, which will incorporate the refurbishment of the existing AIB-occupied buildings owned by Davy Target Investments and the Serpentine Consortium.

John Sisk and Sons have been awarded the building contract for Fibonacci Square, and are already on site.

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