LINKEDIN, the social networking site for business people, is expected to locate its European headquarters in the former PricewaterhouseCoopers (PwC) offices at Wilton Terrace in Dublin 2.
The company has spent several months inspecting and analysing available office space in the south inner city and according to one source, is likely to opt for Wilton Plaza because of its convenient location on the Grand Canal off Baggot Street.
The attractive rental terms available – around €182 per sq m (€17 per sq ft) – will also be an important consideration.
The company is expected to confirm that it will initially be renting 2,787sq m (30,000sq ft) on the three upper floors of the 30-year-old building, formerly known as Gardiner House. It was extensively refurbished after PwC relocated more than three years ago to new offices overlooking the River Liffey at Spencer Dock.
Treasury Holdings, the developer of Spencer Dock, has since been underwriting the rent on the Wilton Place block which is owned by brothers Colm and Kieran Butler, who operate the Leisureplex entertainment business in Dublin. LinkedIn will want the option of taking additional space in its new headquarters.
Their agent, Ronan Corbett of DTZ Sherry FitzGerald, said yesterday that it was premature to make any comment at this stage.
The letting agent is quoting a rent of €269 per sq m (€25 per sq ft) for the seven-storey building which has a floor area of 6,967sq m (75,000sq ft). Treasury Holdings is understood to be paying a rent of around €344 per sq m (€33 per sq ft) on the original PwC lease which has another eight years to run.
LinkedIn’s preparations for a Dublin base come as a time of increasing speculation that it is planning to register for an initial public offering before the end of March.
News of its plans follows heightened interest in Facebook, the world’s largest social networking site, which is valued at about $50 billion, or about $100 for each of its 500 million users.
LinkedIn has 85 million users in 200 countries. Unlike Facebook, which is free, users of LinkedIn can pay for premium accounts that offer expanded services, such as more direct access to users.
The site is also popular with recruitment groups, many of which directly connect to LinkedIn’s database.
