OFFICE MARKET:ELAN, THE DRUG company that also operates drug delivery systems, is doubling its office facilities at the Treasury Building at Lower Grand Canal St, D2.
Elan has occupied one floor of the building for several years and has now taken over another floor of 2,043sq m (22,000sq ft) at a rent of €468 per sq m (€43.45 per sq ft). The lease includes break options in line with those on the other Elan floor. Deirdre Costello of Jones Lang LaSalle negotiated the new lease for Treasury Holdings and junior partner AIB Investment Managers who developed the block around 1990. It was one of the first office buildings in Dublin with floor plates of over 1,858sq m (20,000sq ft).
Meanwhile, Paul Scannel of agent HWBC is hoping to find a tenant for the fourth floor of the block following the decision by EDS, the American data company, to relocate to the suburbs. The company is paying a rent of close to €1 million for the offices and 30 basement car-parking spaces - equating to €473 per sq m (€44 per sq ft) and €3,500 for each of the parking spaces. The other tenants in the block include the National Treasury Management Agency and Merril Lynch.
