Tuesday 22 January 2019

O'Callaghan Properties steers steady course at Navigation Square as Clearstream signs up

Clearstream is expanding its operations and will occupy 70,000 sq ft at Navigation Square
Clearstream is expanding its operations and will occupy 70,000 sq ft at Navigation Square
Ronald Quinlan

Ronald Quinlan

O'Callaghan Properties has secured its first tenant for Navigation Square, the €90m office scheme it is developing in Cork City's docklands.

Deutsche Börse Group, one of the largest exchange organisations worldwide, is expanding its activities to reflect the growing funds business of its post-trade services arm, Clearstream.

Currently employing 362 staff at Cork Airport Business Park, Clearstream will add 200 further jobs through its move to Navigation Square.

The company will take 70,000 sq ft of space in the first building at Navigation Square with a further provision for 20,000 sq ft.

Clearstream provides post-trade services for the Eurobond market and services for securities from 56 domestic markets worldwide. With €13tn in assets under custody, it is one of the world's largest settlement and custody firms.

Navigation Square's first building will extend to 150,000 sq ft in total and is scheduled for tenant fit-out works this November. It is expected that up to 1,500 people will be working in the building once it is completed.

All told, Navigation Square will, upon completion, comprise 350,000 sq ft of fourth-generation office space designed to Gold LEED standard.

The scheme's four buildings include flexible floorplates and roof terraces with views of Cork City and port, a large central plaza with café and restaurant units with parking and staff facilities in a 100,000 sq ft double-level basement. The project will have capacity for 3,000 employees.

Sunday Independent

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