BGC signs 10-year lease on offices at 2 Cumberland Place

As more and more companies look to fulfil their environmental, social and governance (ESG) goals, the flight to quality in the office market continues to gather pace both internationally and here at home. Buildings that score highest on sustainability accreditations, design and on-site facilities are consistently attracting the highest level of interest from prospective occupiers.

Hibernia Reit continues to take advantage of the demand for these best-in-class offices at 2 Cumberland Place, where it has just completed the letting of the lower ground floor (2,429 sq ft) to French financial services company, BGC. The agreement of the 10-year lease follows Hibernia's recent lettings at the building to independent energy trading and services company, Electroroute, and to investment management company, Invesco Investment Management Ltd.

Electroroute (represented by Shane Duffy of Savills)has signed a 15-year lease for the entire third floor extending to 8,758 sq ft while Invesco Investment Management has taken a 10-year lease on the ground floor extending to 5,378 sq ft. BGC, for its part, was represented in its negotiations by Dan Shannon of Knight Frank.

The second floor, extending to 8,785 sq ft, is reserved which leaves the first floor as the last remaining available floor extending to 8,785 sq ft. Further information is available from Sam Daunt, associate director with CBRE’s office leasing division.

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Having acquired the former Cumberland House for €49 million in 2015, Hibernia Reit engaged MCA Architects to design a new building to complement the existing block, increasing the overall office accommodation by 58,000 sq ft to 190,000 sq ft. Following the completion of the project, the property – now known as 2 Cumberland Place – boasts some of the highest sustainability credentials in the market, and is certified as a nearly zero-energy building (NZEB) with an LEED Platinum score and an A3 Ber rating.

With air quality a key consideration for occupiers owing to the unwelcome arrival of the Covid-19 pandemic, the property also features demand-control ventilation as part of its base-design specification.

The system reacts to sensor readings throughout the office floors and provides fresh air as and where it is required. The system offers a potential 30 per cent cost saving versus traditional flow systems while providing a healthier and safer work environment for occupiers.