Landmark Docklands building comes to the market

The State Street International (Ireland) building (and an adjoining site in Dublin’s docklands) has been brought to the market with an asking price in the region of €105m.

78 Sir John Rogerson’s Quay and the undeveloped Waterfront site occupy a pivotal island site totaling just over four acres.

According to selling agents Savills the South Docklands has established itself as the principal office district, now home to many big international names such as Facebook, Google, HSBC, O2, Bank of New York Mellon and Accenture.

“No 78 is considered to be the highest specified office building in the entire Dublin Docklands due in part to the occupiers exacting requirements and input into the design, specification and fit out when they agreed to take a pre-let of the scheme,” stated Savills.

The property extends over a double basement, ground and seven upper floors and comprises 16,226 sq m of high specification office accommodation.

The existing office building which is let in its entirety to State Street International (Ireland) also has a guarantee on a 25 year lease from 7 August 2009.

The building currently generates a rental income of nearly €8m a year.

The waterfront site is recognised as one of the last remaining prime development opportunities of significance in the South Dublin Docklands, according to Savills.

“At a time when Grade A office vacancy is close to an all time low in Dublin 2 and major occupiers such as KPMG and Bank of New York Mellon are seeking up to 22,400 sq m and 16,000 sq m respectively, the market is braced once again for a wave of new office development,” it said.