Two investment companies, the US-owned Starwood Capital and Irish firm Chartered Land, are to partner to spend €35m to reposition and develop Elm Park, a large-scale office and residential space on Merrion Road, Dublin 4.
Starwood Capital acquired the Elm Park estate from receivers Duff & Phelps for €190m, and invest in the development and enhancement of the 17.3 acre work-live campus.
Chartered Land will undertake a major development of the eight-story, 174,000 square foot Pioneer Building, which is prominently located at the front of the campus and features views of Dublin Bay.
Further enhancements to the estate will include a sport and leisure centre, significant landscaping and additional facilities to enhance the amenities throughout the campus.
The entire process is expected to take just over one year to be completed.
Senior Vice President of Starwood Capital Adam Shah said the firm believes the asset has “exceptional promise” and expects “to create a world-class work-live environment at Elm Park”.
Chief Executive of Chartered Land Andrew Gunne added that “the fact that tenants such as Allianz, Novartis, Willis and Wipro have located here underscores its appeal to large, international corporate occupiers.”