Monday 25 March 2019

Kennedy Wilson completes office lettings at Capital Dock

An artist’s impression of Kennedy Wilson’s Capital Dock development where Indeed will take a 20-year lease on two blocks
An artist’s impression of Kennedy Wilson’s Capital Dock development where Indeed will take a 20-year lease on two blocks

Ronald Quinlan Commercial Property Editor

US-headquartered real estate giant Kennedy Wilson has signed up global recruitment group Indeed as a tenant at its Capital Dock development in Dublin's docklands.

The deal will see Indeed occupy the entirety of buildings 100 and 300 Capital Dock on a 20-year lease. All told, the company's operations at the docklands campus will extend across some 216,000 sq ft.

Kennedy Wilson's agreement of the lease with Indeed follows the announcement earlier this year of its forward-funding sale agreement of the 130,000 sq ft 200 Capital Dock building to US investment bank JP Morgan.

With tenancies now agreed for all 346,000 sq ft of office space at Capital Dock, Kennedy Wilson said yesterday that it would commence the pre-marketing of the dockland scheme's 190 apartments in the second quarter of 2018.

Mary Ricks, president and CEO of Kennedy Wilson Europe said that Indeed's decision to rent two entire blocks at Capital Dock represented the largest office lease completed in the current cycle in Dublin.

Describing it as a "milestone signing", Ms Ricks noted that Capital Dock's offices were now fully-leased more than 12 months before completion.

"We are excited to grow our multifamily business in Europe, providing the highest quality accommodation and amenities to cities with strong population growth," said Ms Ricks.

"We aim to grow our [residential] portfolio to 5,000 units in the next few years, more than doubling from a base of approximately 2,200 units on completion of Capital Dock and Clancy Quay Phase III."

Located at Sir John Rogerson's Quay, Capital Dock is one of the largest single-phase, ground-up developments to be delivered in Dublin with over 690,000 sq ft of new mixed-use space.

A campus-style development, the scheme was designed by architects O'Mahony Pike.

The development's 346,000 sq ft of office space is capable of accommodating over 3,500 staff, while its 190-unit residential element includes a 23-storey tower designed to mark a new gateway to Dublin city.

Future residents of Capital Dock will be entitled to avail of a range of amenities and professional services provided by Kennedy Wilson.

Quite apart from its provision of office and residential space, the development will include 1.5 acres of new public space, retail and restaurant offerings.

Irish Independent

Also in Business