AIB’s decision to move to a hybrid-working model and the resulting reduction in its requirement for office space has opened up an opportunity for companies seeking headquarter accommodation in Dublin’s central business district.
Having served up until now as the headquarters of the bank’s subsidiary, the EBS Building Society’s premises at No 2 Burlington Road is being offered to the market by way of assignment/flexible sub-lease with a head lease expiry date of 2027.
Aisling Tannam and Patrick Kiersey of Cushman & Wakefield are quoting a rent of €592 per sq m (€55 per sq ft) and €3,500 per car parking space per annum. The subject property comprises a modern six-storey grade A office building of 85,200sq ft and 33 basement car-parking spaces, and is available to let in its entirety or sublet on a floor-by-floor basis to accommodate the requirements of potential occupiers.
The office is ready for immediate occupation, providing a fully fitted plug-and-play standalone headquarters building. The typical floor plate is about 1,301sq m (14,000 sq ft) and comprises open-plan offices, meeting rooms and break-out spaces. There is a large boardroom/town hall space on the fifth floor, with access to a balcony with view of the Dublin mountains and the Grand Canal. There is a fully operational restaurant and cafe at ground-floor level, and a gym/yoga room in the basement, along with designated men’s and women’s shower facilities.
Prime offices
News of No 2 Burlington Road's arrival on the letting market comes just 10 months after it was acquired by the German investment fund KGAL from UK property company Henderson Park Capital in a €94 million deal.
The property formed part of the Capital Collection, a portfolio of five prime Dublin offices that Henderson Park acquired as part of its €1.34 billion buyout of Green Reit in 2019.
No 2 Burlington Road is near the Grand Canal and Baggot Street. Neighbouring occupiers in the area include Bank of Ireland, Sky, Amazon, LinkedIn and CBRE. The Grand Canal Dart station and Charlemont Luas green line stop are both situated within a 10-minute walk of the property, and there are a number of regular Dublin bus routes close by.
Aisling Tannam of Cushman & Wakefield says: “This assignment/sub-letting is an outstanding opportunity to acquire a fully fitted headquarter building in an excellent central business district location on a flexible short-term basis.”
