Cosgrave to build new 105,000sq ft office building for €60m

The Cosgrave Property Group and Irish investment fund Iput plc will today begin marketing the first new office building to be built within the original footprint of Dublin's IFSC since 2003.

Called The Exchange, the 105,000sq ft building will involve a €60 million investment. It was formerly the Dublin Exchange Building, which has been demolished, with basement works already underway for the new six-storey office block that is slated to be ready in October 2017.

Savills and JLL are jointly seeking tenants for the property, with rents being pitched at €52.50 per square foot. It is understood that they have already agreed terms with a tenant who will take one floor of the building.

The block is being developed by Cosgrave with funding provided by Iput, and John Sisk & Sons hired as the main contractor. Iput will own the building on completion.

Employed

It is expected that the building will accommodate about 1,200 people when finished, with up to 100 workers employed on site at the peak of construction.

The building will also have 37 car parking spots, 133 bicycle spaces and a coffee shop.

Designed by KMD Architects, The Exchange will have a glass and granite façade, floor-to-ceiling glazing and a full-height central atrium that will allow natural light into each of its six floors. It will have floor plates of 19,000sq ft.

The building is likely to prove attractive to potential tenants given its proximity to the docklands Luas line, and Dart and mainline services at Connolly Station. It is also well served by bus connections while the nearby Port Tunnel provides easy road access to Dublin Airport.

The area is already home to a number of leading financial services brands, including KPMG, Wells Fargo, JPMorgan Chase, SIG and Zurich, PwC, Morgan Stanley, and BNY Mellon.

Specification

Peter Cosgrave

of the Cosgrave Property Group said the development would be “one of the finest office buildings” in Dublin, with a level of specification, finish and flexibility that will “meet and exceed” the needs of occupiers.

Iput chief executive Niall Gaffney said: "The original phase of the IFSC has matured well, with a vibrant mix of retail, leisure and residential uses that are attractive and complement its established global financial occupiers. We are excited that The Exchange is under construction and well on schedule to provide occupiers with new, flexible grade-A office accommodation in the heart of the IFSC for the first time in well over a decade."

Andrew Cunningham, offices director at joint letting agents Savills Ireland, expects the building to attract State entities, financial services companies (particularly as the Brexit situation unfolds), professional services firms and technology groups.