Aldgate Developments secures largest office letting of 2021 in Sandyford

While the precise role of the office in the post-pandemic working world continues to be debated by some, two major multinational employers are voting with their feet and heading for the Sandyford Business District (SBD) in south Dublin.

As the threat posed by Covid-19 continues to recede in parallel with the rollout of the HSE's vaccine programme, BNP Paribas Bank and US medical devices giant ResMed Inc have executed their respective long-term leases on a combined 60,000sq ft of office accommodation at the newly-developed Termini.

The quoting rent for the two transactions was €35 per sq ft, and both deals are understood to have transacted at close to this level with a combined commitment for a term certain in excess of 10 years.

Europe’s largest bank, BNP Paribas, have signed up to a long lease on the fourth floor extending to more than 40,000sq ft, and were represented by Keith O’Neill of BNP Paribas Real Estate.

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Commenting on the move, head of BNP Paribas Ireland Derek Kehoe said: “BNP Paribas are delighted to participate in the Termini project. This exciting new building fits very well with our new flex working model. It will greatly enhance our employee experience and our ability to work collaboratively and sustainably.”

ResMed Inc have signed up to a long lease of just over 20,000sq ft on part of the fifth floor and were represented by commercial real estate advisors Avison Young. ResMed is listed on the New York Stock Exchange (NYSE), operates in 140 countries worldwide and has revenues of more than $3 billion (€2.5bn).

Referring to its decision to locate at the Termini, a spokesperson for the company said: “ResMed, a global leader in digital health, is looking forward to building a next-gen site for its growing Irish team in best-in-class offices.”

Completed by Aldgate Developments in December 2020, the A3 BER-rated Termini building comprises 224,000sq ft of LEED 'Gold' V4-accredited space. Designed by Reddy Architecture & Urbanism, the property has finishes that joint letting agents Cushman & Wakefield and Knight Frank say surpass those available in Dublin city centre.

‘Place to pause’

The Termini offers efficient floor plates which typically extend to 40,000sq ft, 3m full floor-to-ceiling glazing, a ground-floor wellness suite, an inhouse food and beverage station at ground-floor level, 215 bike spaces, and hotel standard end-of-trip shower and changing rooms. The building is complemented by external landscaping that has been designed with a view to offering occupiers and visitors “ a place to pause”.

The building’s location adjacent to the Luas green line stop at Sandyford provides occupiers with direct access to Dublin city centre in 20 minutes. There are 1,400 public car parking spaces alongside the Termini, and the N11 quality bus corridor is a short distance away.

Welcoming the decisions of BNP Paribas Bank and ResMed to locate their operations at the Termini, Paul Molloy, leasing director for Aldgate Developments, said: “We are delighted to welcome these two significant multinationals to Termini. Both are impressive organisations, and worldwide leaders in their respective fields.

“As we have begun to emerge from the pandemic, we have seen a significant increase in enquiries and viewings in recent weeks. This has been driven by a more acute focus from occupiers on ensuring that they have the best quality and most sustainable space for their people. Increasingly we are seeing a desire by occupiers to provide an attractive working environment in order to entice people back to the office now that working from home is an option for most office workers.”

Discussions are understood to be progressing with several other potential tenants around the remaining space at the Termini, with availability from 10,000sq ft upwards. Aisling Tannam of Cushman & Wakefield and Jim O’Reilly of Knight Frank represented Aldgate Developments in the latest transactions, with Eversheds Sutherland having provided legal advice.