A joint venture of Kennedy Wilson, Fairfax Financial Holdings and Ireland's bad bank NAMA said on Monday that it has signed the largest Dublin office lease of this cycle with a 216,000 sq ft (20,070 m2) letting agreement to jobs site Indeed at the Capital Dock development.
The lease agreement follows a forward funding sale on the 130,000 sq ft 200 Capital Dock building to J.P. Morgan in May 2017.
Indeed has agreed to occupy the entirety of Buildings 100 and 300 Capital Dock under a 20-year lease with lease breaks at year 13, occupying the buildings on a phased basis.
'Growing our net operating income by delivering our development pipeline alongside asset management wins continues to be our focus – Indeed’s commitment to Capital Dock sits at the heart of this strategy with this milestone signing of the largest office lease completed this cycle in Dublin,' said Mary Ricks, President and CEO of Kennedy Wilson Europe.
In addition to the offices at Capital Dock being fully leased more than 12 months prior to completion, Ricks said that the company will begin pre-marketing of the 190 luxury residential rental apartments in the second quarter of next year. 'We aim to grow our portfolio to 5,000 units in the next few years, more than doubling from a base of approximately 2,200 units on completion of Capital Dock and Clancy Quay Phase III.'
Extending over 4.8 acres, Capital Dock is one of the largest single phase ground up developments to be delivered in Dublin with over 690,000 sq ft of new mixed-use space. The campus-style development is designed by award-winning Irish architecture firm O’Mahony Pike and will include 346,000 sq ft of office space across 100, 200 and 300 Capital Dock, capable of accommodating over 3,500 staff, and 190 high-quality multifamily units with waterfront views, including a 23-storey tower.
