- What Microsoft close to taking 47,000 sq ft of offices in Dublin
- Why IPUT in talks to let space at No3 Dublin Landings to the US firm
- What next IPUT acquired the spec office with VP last year
Microsoft has entered advanced discussions to let 47,000 sq ft of office space from IPUT in Dublin city centre.
The US-headquartered giant is close to securing a deal at No 3 Dublin Landings, which would mark a further expansion of its business in Ireland.
The mooted deal would see Microsoft take three floors at the new office development in Dublin’s Docklands. It would represent almost immediate justification for IPUT, Ireland’s largest unlisted commercial real estate owner.
IPUT acquired the 113,000 sq ft office with vacant possession from Ballymore and Singapore’s Oxley late last year for €115m, as revealed by React News. IPUT paid around €1,000 per sq ft for a vacant speculative office development, in what was a massive vote of confidence in Dublin’s occupier market.
At that time, before the coronavirus hit Ireland, the deal was viewed as a barometer for the wider Dublin market where pent-up tenant demand, particularly from the US-led tech sector, had put pressure on the city’s development pipeline.
Should the deal with Microsoft complete as expected, IPUT will have around 70,000 sq ft of space to let at Dublin Landings and discussions with several other occupiers are understood to be ongoing.
Knight Frank and CBRE are advising IPUT.
IPUT declined to comment