It's signed a 20 year lease...
Green Reit, the publicly-quoted commercial property vehicle says it’s signed an agreement to rent the entire new office block it’s developing on Dublin’s Molesworth Street with an unnamed international business services company.
32 Molesworth Street in Dublin 2, which comprises approximately 2,973 square meters (32,000 square feet) of lettable area. The agreement is for 20 years, with breaks in years 10 and 15.
Rent at the property will be €51.70 per square foot.
Paul Culhane, Development Director of Green Property REIT Ventures, commented, "We are delighted to secure a high quality tenant for 32 Molesworth Street, the first of our office developments to complete. This letting, which is 14% ahead of our most recent estimates, will enhance our income profile."
Green Reit has also spent €12.2m to acquire 164 acres of development land close to its existing holding at Horizon Logistics Park near Dublin Airport.
"In addition to the progress we are making on our developments, to secure such a significant land holding between the airport and Dublin’s main motorway, the M50, is very exciting, particularly with the underlying fundamentals of the logistics sector, including the growth of ecommerce, being so strong," Mr Culhane continued.