AIB Capital Markets is expected to lease the Stack B building in the Custom House Docks which has been sold by businessman Mr Denis O'Brien for £5.9 million.
The building has been bought on behalf of clients by AIB Investment Managers, which is expected to lease it to the bank's capital markets division. The capital markets division currently has its headquarters in AIB's existing building in the docks.
Stack B is located in the International Financial Services Centre and there are substantial capital allowances associated with the building.
Sherry Fitzgerald expects that the 14,000 sq ft building will be leased for £28 per square foot. The pent up demand from financial institutions that want to move into the IFSC means that the building should be let shortly, according to Mr Declan O'Reilly of Sherry Fitzgerald.
Mr O'Brien is the major shareholder in Communicorp, the parent of Esat Telecom and the radio station 98FM. Esat Telecom is a 37.5 per cent shareholder in Esat Digifone, which plans to spend £100 million developing the second mobile phone licence.
