Business advisory firm Grant Thornton is to lease a substantial new headquarters building under construction at 13-18 City Quay in Dublin 2. The firm employs more than 1,000 people across eight locations in Ireland and plans to create 250 additional jobs in the next 18 months.
The firm, currently based mainly at 24-26 City Quay, has experienced 46 per cent growth in revenue over the past three years.
Twenty-five year lease
The pre-letting of the eight-storey-over-basement block of 10,960sq m (118,000 sq ft) is one of the largest in the docklands in the current development cycle and follows Grant Thornton’s agreement to pay a rent of €565 a square metre (€52.50 a square foot) under a 25-year lease with a midterm break option.
The development is due to be completed early in 2018.
The €65 million project is being carried out by Oaktree Capital Management, the Bennett Group, who are also handling the construction contract, and, to a lesser extent, the National Asset Management Agency.
The site, originally owned by the bankrupt developer Seán Dunne, adjoins the Church of the Immaculate Heart of Mary, which has served Dublin port since 1863.
The same Oaktree/Bennett/Nama group was also involved in the development of the European headquarters of Airbnb at Hanover Quay earlier this year.
Growth
Grant Thornton managing partner Paul McCann said the company was moving to facilitate the exceptional growth of the firm over the past number of years. Since merging with RSM Farrell Grant Sparks last year it has been operating from two locations.
“In order for us to continue to grow at the rate we are doing now it’s strategically important that we future-proof the practice and come together in a flagship headquarters. A key selling point of this building is that it enables us to stay in City Quay; it’s where we grew up and we’re very excited about our future here in our new home.”
Roland O’Connell of Savills and Mark Smyth of CBRE handled the letting, while Andrew Cunningham of Savills advised Grant Thornton.
