Dublin,
08
July
2015
|
10:35
Europe/Dublin

Full Occupancy at Central Park

Construction of Block H Progressing well

Dublin, July, 2015 Green REIT Plc, (“Green REIT” or the “Company”), the Irish property investment company, confirms that following two further lettings totalling 55,300 square feet at Central Park, Leopardstown, Dublin 18, the office park is now fully occupied. In addition, the construction of the new Block H, an office block of 147,000 square feet of lettable area, is progressing well, with completion expected in December 2016.

New Lettings – Sage and Mastercard

  • Combined contracted annual rent of €1.527 million per annum to the JV, in which the Company is a 50 per cent investor
  • Sage Hibernia (Services) Limited has taken a 20 year lease of the remaining floors of Block G, being ground and first (45,200 square feet), with first break at the end of year seven and a rent free period of 14 months
  • MasterCard Ireland Limited, already a sub-tenant in the Vodafone building, has taken a lease of the penthouse floor of Block C (10,100 square feet) with a 3 year term
  • Rent per square foot of €25 per square foot achieved on both lettings

MasterCard Ireland Limited, already a sub-tenant at Block E, Central Park, has further expanded into the penthouse of Block C on a 3 year term. The penthouse floor extending to 10,100 square feet will provide MasterCard with exceptional views across the city. Anne Louise Hannon from CBRE comments that “the transaction is a testament of the quality of Central Park as MasterCard have chosen to expand and grow within the development.” Fionnuala O’Buachalla of JLL advised MasterCard on the letting.

Sage Hibernia (Services) Limited are to join existing occupiers Tullow Oil, Salesforce and Web Reservations in Block G, Central Park. Sage has taken a 20 year lease on the Ground and First Floors extending to 45,200 square feet. This is the largest office letting in the south suburbs in 2015. Jim O’Reilly of Knight Frank, who acted for the landlord, said that “this is another fantastic result for Central Park which has consistently attracted quality occupiers.” Paul Finucane of Colliers, who advised Sage, said “they are delighted with Central Park. Not only does it offer quality workspace, but the transport and amenities are excellent, ensuring an exceptional working environment for their staff.”

A rent of €25 per square foot was achieved on both lettings.

These lettings follow the announcement in May 2015 that Web Reservations International had entered a lease of the second floor of Block G, meaning that the 691,000 square feet business park is now fully let to a variety of high calibre businesses including Vodafone, Bank of America Merrill Lynch, Ulster Bank and LeasePlan.

Ronan Webster, Asset Management Director of Green Property REIT Ventures Limited commented; “We are delighted to secure Sage and MasterCard as occupiers in Central Park, both of which are highly regarded and expanding businesses. Since acquiring the property in March 2014 we have now successfully secured lettings for all of the remaining space of 89,000 square feet at Central Park.

The conclusion the current letting program bodes well for future lettings of Block H where construction of the 147,000 square foot building is progressing well. This LEED Gold-rated building will deliver office space that will meet the highest standards being sought by occupiers currently in the market. Block H will be available for tenant fit out in September 2016.

Note:

Central Park was acquired in March 2014 by The Central Park Limited Partnership, a 50:50 joint venture between Green REIT plc and LVS II CP Investor Ltd, an entity sub-advised, advised or managed by Pacific Investment Management Company LLC or its affiliates.

Contacts

Green Property REIT Ventures (Investment Manager to the Company)

Niall O’Buachalla

+353 (0) 1 2418400

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.