US firm takes $2.1m hit on Dublin office

Software company MongoDB fails to find sub-tenant for Ballsbridge office

Number 1 Ballsbridge, Shelbourne Road, Dublin

Sean Pollock Email

April 04 2021 02:30 AM

MongoDB, a US-based software company, has been forced to take a $2.1m (€1.8m) impairment related to its former Dublin office after failing to secure a sub-tenant due to Covid-19.

Last June, the Sunday Independent revealed the Nasdaq-listed tech company, valued at over $17.1bn, had signed a $27m lease on a new office in Dublin with capacity for 500 employees. Over 200 staff will have access to the new facilities when it opens.

The new office, based in Building 2 of 1 Ballsbridge, Shelbourne Road, Dublin, is owned by the Comer Group. It is located close to MongoDB’s former office, which is also on Shelbourne Road.

MongoDB revealed the $2.1m impairment charge in its recently published results. It said the lease commenced on its new office on February 1, 2020, with the firm no longer occupying the former office. According to the results, the company had “been unable to assign nor secure” a sub-tenant for the former Dublin office. MongoDB recognised the impairment charge, which “represented the remaining carrying value of the right-of-use asset for this office location”.

In response to the Sunday Independent, MongoDB said it had “numerous positive enquiries about the space over the last week”.

Jillian Gillespie, senior vice president of finance and operations at MongoDB, said the company continues “to feel bullish” about its future in Dublin and across Ireland.

"The country continues to be a hive of activity for MongoDB in Europe, and Dublin remains a strong international HQ for us,” she said.

"I know I speak for the wider team when I say we're all still really excited to move into our new office in Dublin when we can. I can't wait to give our employees the workplace they deserve when it is safe to do so.

“At MongoDB, we are constantly expanding our team, customer base and partnerships all across the country. Most recently, we were delighted to join the Immersive Software Engineering programme and to have the opportunity to work with the next generation of inspiring software developers across Ireland.”

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US firm takes $2.1m hit on Dublin office

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