State Street Global Advisors is reportedly planning to sell a premium office establishment, 40 Molesworth Street, situated in Dublin’s central business district. The property is believed to have attracted interest from four international investors. Among the competitors are Macquarie Asset Management, based in Australia, and three firms from Germany. These are Deka Immobilien, HIH Real Estate and MEAG. Sources indicate that these investors have already submitted their bids, with proposals reaching around the €40 million mark that Savills, the estate agent, had predicated.
The building was acquired by State Street in 2018 as part of an asset exchange worth several millions of euros, which saw them relinquish ownership of Deloitte House on Earlsfort Terrace to Irish property company Iput. The remodelled property boasts a modern office building status, complete with LEED Gold certification and an A3 Ber rating, costing a total of €21.4 million.
The property, which once housed the European Commission, now provides 2,770 sq m of office space spread over six tiers, as well as a retail unit spanning more than 339 sq m situated on the ground and cellar levels.
The entire office space is currently leased by global legal entity DLA Piper, who assumed the lease earlier in 2021, originally contracted in 2017 by US online retailer Jet.com. The lease will remain active until 2037, and generates an annual rental income of €2.175 million. The retail space is currently occupied by Specsavers.
The Irish Times has learned that earlier, a lower bid by another party was dismissed by the property’s owners, and that they did not participate in this week’s tender process.