Property group Hibernia REIT has announced that it has pre-let 27,500 square foot of office space in the former Commerzbank House building in Dublin's IFSC, which is currently being refurbished.

Software company HubSpot will pay a rent of €1.3m a year for the space on the third and fourth floor of the building, which is to be renamed One Dockland Central.

Work to refurbish the building started in July and is due to finish early next year.

Kevin Nowlan, Hibernia's CEO, said the rents achieved for One Dockland Central are around 40% above the levels the company underwrote when it bought the building in July.

He said this demonstrated the "attractive fundamentals" of the building and the value of active management.