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Docklands site is sold for €93m

A US investment firm has paid nearly €100m for a building in Dublin's docklands.

It agreed to pay €93m for One Grand Canal Square – one of the biggest office deals since the recession began.

The office block, which faces the Bord Gais Energy Theatre, hit the market 14 months ago, with an asking price of about €75m.

The final sale price equates to more than €700 per sq ft in total – far higher than the €500 a foot that has been the going rate in the market so far this year.

It means investors who have bought prime office space in the last number of years, such as US firm Kennedy Wilson, are now sitting on huge profits within months of making purchases.

It also sets a new price-level for office sales in the area. Two nearby buildings are being sold by NAMA at barely half the price per square foot.

The building contains 110,000 sq ft in office space with an additional 18,000 sq ft space for retail operations.