Monday 20 January 2020

Stripe to sub-let as much as a third of One Building

Stripe is expected to sub-let space at the One Building for up to €60 per sq ft.
Stripe is expected to sub-let space at the One Building for up to €60 per sq ft.

Peter Flanagan

Payments processor Stripe is on the verge of sub-letting out up to 15,000 sq ft of space in Dublin 2 for as much as €60 per sq ft.

The US-based firm, which was set up by Limerick natives Patrick and John Collison, took the entire One Building on Grand Canal Street earlier this year.

Now though, Stripe is on the verge of securing a tenant for about a third of the 45,000 sq ft, seven-storey office block.

As tech firms tend to do, Stripe took the entire property but does not need its full capacity at present so it is sub-letting out the excess space on a short term basis.

The flexible terms of the lease - it is believed to have a break clause in as little as three to five years - mean that the space will be highly attractive to prospective tenants.

A number of parties have shown interest in the space, including SAS Group.

The flexible lease terms will have helped Stripe command such a high rent for its space.

Most lettings in the area have been for in the low to mid €50s per sq ft. Stripe's own lease is at €50 per sq ft. The highest rent in Dublin for this cycle remains the €60 per sq ft that aircraft leasing firm AerCap signed for space at the LXV Building on St Stephen's Green almost exactly a year ago.

The One Building is a Sam Stephenson-designed property on Grand Canal Street close to the so-called "Silicon Docks".

The property features open plan office space with views of Dublin City. Originally built in 1972, it has been renovated to what is described as "the highest international standards, while conserving the character and lines of the original building."

Jones Investments Ltd, the company that redeveloped Dock Mill on Barrow Street which was sold to Google last year, is responsible for this development. When launching the property last year, it claimed to have a "strong track record of delivering high end office accommodation to technology clients in the area as it previously also co-developed the Facebook Headquarters on Hanover Quay in 2008".

The €7m redevelopment of the One Building has seen the property now extending to 45,000 sq feet over seven floors, including a penthouse, 44 underground car spaces and secure bicycle storage.

The redevelopment was overseen by Neil Burke Kennedy of NBK Architects.

Modern features introduced include a high-impact reception area, facade treatment, raised floors, mechanical heating and cooling system, new lifts, new cores, fire systems, refurbished external areas, a basketball court, top quality shower and changing areas. With the latest technology, the building now has a BER B2 rating, performing as well as any new build.

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