- What OPW in talks to take space from Irish Life
- Why State is building up a significant presence in Dublin Docklands
- What next Talks are ongoing
The Office for Private Works (OPW), which manages the Irish state’s property portfolio, is in talks to lease around 40,000 sq ft in Dublin from Irish Life Investment Managers at Georges Quay, React News understands.
1 George Quay (1GQ), which is located in South Docklands and previously served as Ulster Bank’s headquarters, has been refurbished and extended by Irish Life. While talks are understood to be ongoing, no deal has been signed yet.
WeWork occupies about 50,000 sq ft in the building, while CDB Aviation leased the 24,000 sq ft top floor. Rental levels in the building are between €55 and €60 per sq ft.
Concurrently, the OPW is also in talks with Ballymore and its Singapore partners Oxley for a deal to lease No. 3 Dublin Landings – a 110,000 sq ft office development. The Irish Independent reported OPW was looking to secure a deal for the Revenue Commissioners.
The deals at Dublin Landings and 1GQ are understood to be progressing, albeit at a relatively slow pace.
In Q1, the OPW pre-let 182,000 sq ft at The Distillers Building in Smithfield, with completion due in 2021. With the NTMA having previously leased No.1 Dublin Landings, the area will represent the heart of the State’s financial sector in Ireland.
JLL and Knight Frank are the joint letting agents.
OPW declined to comment; Irish Life did not respond to a request for comment.