High-profile office building One Spencer Dock in Dublin city centre has been sold to the London-based investment firm AGC Equity Partners for €242m.
The sale of the 21,000 sq m Dublin office block – which is fully occupied by professional services firm PwC – is one of the most notable office investment sales to occur in Ireland.
The building comprises a nine-storey over basement modern office facility with 100 basement car parking spaces.
PwC signed a 25-year lease from April 2007 that expires in April 2032.
The firm employs over 1,800 people at One Spencer Dock and a further 1,000 employees throughout the country.
The annual rent on the building, which was developed by Treasury Holdings in 2007, is just below €11.8m.
Joint receivers Luke Charleton and David Hughes of EY announced the sale, with joint selling agents Savills and CBRE selling the property on behalf of the joint receivers and Davy Real Estate.
The receivers said there had been significant interest both domestically and internationally for the property.
One Spencer Dock went on the market last year, with reports that US property investment firm was poised to buy it, however, it was believed to have withdrawn from the deal at a late stage due to a high asking price.