Commercial property firm Green REIT has signed a 20-year lease with aircraft lessor Goshawk Management to lease 1,200 sq m of office space at its flagship development at One Molesworth St in Dublin 2.

The letting comprises the fourth floor (plus five car spaces), with a tenant break option at the end of year 13 of the lease.

Goshawk will pay annual rent of €850,000, which equates to €700 per sq m (€65 per square foot) per annum for office space and €4,000 per car space per annum, with the tenant entitled to a nine-month rent free period at the outset of the lease.

Goshawk is expected to move in to the office space next spring.

In an investor note, Davy said the rent of €65/sq ft is "a new benchmark for prime office rent in Dublin. It confirms both the quality of the development and the strength of the underlying market".

73% of the total office space at One Molesworth St has now been let, with Barclays agreeing a 20-year lease with Green REIT to rent over half of the building (3,437 sq m) in July.

The bank will pay an annual rent of €2.35m for two and a half floors of office space.

The entire building, which is expected to be completed by the end of the year, can accommodate around 400 office workers.