US real-estate firm Kennedy Wilson has signed three new leases covering a total area of 49,253sq ft of office space at 20 Kildare Street in Dublin city centre. The newly refurbished property is now 76 per cent occupied by leading law firm Dentons (19,175sq ft), aviation lessor Aircastle (15,861sq ft), and US investor Davidson Kempner (14,217sqft) Dentons have also taken the largest of the scheme’s Georgian buildings, number 21. The redevelopment is expected to generate a yield on cost in excess of 7 per cent once the remaining 16,000sq ft is leased and the project is fully occupied.
Commenting on the progress achieved to date at 20 Kildare Street, Kennedy Wilson president Mary Ricks said: “We are thrilled to bring this landmark office redevelopment to completion and to attract three top-tier occupiers in short order, which speaks to the continued demand for efficient, intelligent buildings that enable collaboration, connectivity, and promote the wellbeing of occupiers.
“20 Kildare Street represents the best of both worlds — a heritage feel with a functionality of modern space — and it speaks to Kennedy Wilson’s dedication to sustainability and historic preservation, as well as the emphasis we place on retaining the historic fabric of communities as we creatively repurpose buildings.”
Kennedy Wilson embarked on the redevelopment of 20 Kildare Street in 2017 after assembling a portfolio of existing properties, including four Georgian buildings on Kildare Street, that date back to the 1750s. The company secured a series of approvals for the project, which included restoring the historic facades of the Georgian buildings and constructing a new triple-height glazed atrium to connect the street-side buildings and ground floor reception with landscaped courtyards and seven storeys of grade-A office space positioned to the rear. A new terrace on the sixth floor offers views of St Stephen’s Green, the Shelbourne Hotel, and the National Museum. Number 20 Kildare Street has already secured LEED Gold and WiredScore Platinum sustainability credentials. The scheme is now targeting WELL Gold certification.
