Property investment company Hibernia REIT has announced it has pre-let two floors in its 1 Windmill Lane development to data integration services firm Informatica Ireland.
Informatica Ireland, which is a subsidiary of its US-headquartered parent, will occupy the fourth and fifth floors of the building, totalling 35,000 sq ft, on a 17-year lease, with 12 years certain.
It will pay initial rent of €2.1m per annum, and will receive six months’ rent free from completion, which is expected to be in the middle of this year.
1 Windmill Lane totals 122,000 sq ft of offices, 7,000 sq ft of retail and, 14 residential units under development on a one-acre site and is one of five adjacent properties that Hibernia owns in the SOBO District of Dublin’s South Docks, comprising over 370,000 sq ft of office space either in-place or under construction.
Commenting on the deal, Hibernia’s Director of Development Mark Pollard said: “The building, which has been designed for multi-let use, continues to make good progress towards expected practical completion in mid-2017, well ahead of original guidance.
“With the structure now fully enclosed and interior works under way, the quality of the space being delivered is becoming clear, with the stand-out features being the reception and Townhall areas, which are unusual in their scale and flexibility and are attracting positive feedback.
“Discussions are on-going with a number of other potential tenants.”
In an investor note, Goodbody said: "This is highly significant for the REIT given that is evidence of the progression of its office development strategy (with the 1 Sir John Rogerson Quay development adjacent) and the lease itself outperformed key market metrics."