€1m key money sought for IFSC lease

Leading aircraft-leasing company Aercap is seeking key money of more than €1 million for its lease of top-of-the-range office accommodation at La Touche House in Dublin's IFSC.

The unusual request for compensation for the favourable lease, the high-quality fit out as well as furniture and fittings comes as the company prepares to move this summer to the newly built LXV office building developed by billionaire Denis O’Brien at the junction of St Stephen’s Green and Earlsfort Terrace.

It has agreed a rent of €645 a square metre (€60 a square foot) for the new space, a long way from the €403 a square metre (€37.50 per square foot) it is paying for 1,705sq m (18,349 sq ft) on the fourth floor of La Touche House.

This lease comes with 20 car-parking spaces.

With record low vacancy rates in the IFSC, Magan Burke of CBRE says that since posting a notice on the internet last Friday about the accommodation in La Touche House she has already had several viewings.

The lease is due to run for another six years and three months and includes a break option in March 2017.

The five- storey La Touche House is positioned around a central atrium with a clear glass roof allowing for maximum natural light throughout the building. It is one of the most highly rated blocks in the IFSC.