A long-vacant office building at Elm Park on the Merrion Road in Dublin 4 has finally been let to two international companies, a global insurance broker and an Indian IT consulting firm.
Willis, the insurance brokers, has rented 4,645sq m (50,000sq ft) in The Quartz building, while Indian consulting firm Wipro has taken the remaining 1,858sq m (20,000sq ft).
Both firms will be paying rents of €247 per sq m (€23 per sq ft) under long leases with five -ear break options.
The lettings will come as a relief to BMO Real Estate Partners who as Friends First – they subsequently rebranded to F&C Reit – bought the distinctive seven-storey block in 2009, took possession in 2011 but could not offer it for letting in the early years because it was not fully completed.
The Quartz formed part of a substantial mixed-use development at Elm Park which was completed by Bernard McNamara before going into bankruptcy with debts of €2.7 billion.
The development also included 330 apartments, 110 senior citizen housing units, 23,225sq m (250,000sq ft) of offices in two blocks, a hospital facility extending to 22,296sq m (240,000sq ft) as well as a hotel, crèche, leisure centre, swimming pool and conference centre.
Allianz and Novartis occupy two of the office buildings which like The Quartz have a unique design with a focus on energy efficiency and natural ventilation within the double skin façades.
Office element
Because of the success of the office element, receivers Duff & Phelps, who have taken over control of the McNamara interests, have secured planning permission for a change of use of the hospital and hotel buildings at the front of the site to provide a further 16,072sq m (170,000sq ft) of offices.
Additionally, BMO Real Estate Partners has retained a facilities block of 929sq m (10,000sq ft) annexed to The Quartz that could become office accommodation in the future.
Lisney and JLL handled the marketing of The Quartz ,while CBRE advised Wipro and Lisney acted for Willis.
