OfficeAccommodation: Depfa Bank is to be the sole tenant in the newly completed Forum House which has two of the largest floor plates in the city. Jack Fagan, Property Editor, reports.
Depfa Bank, which has been trading in Dublin's IFSC for several years, is moving to a larger building in the same area. The bank will be the sole tenant in the newly completed Forum House which has been developed on top of a car park on Commons Street.
It has 4,490 sq m (48,329 sq ft) on two levels - two of the largest floor plates in the city centre. It is a well-located building with uninterrupted views over a large part of the docklands and the inner city.
The bank will be paying a rent roll of over €2 million for the building, equating to €423 per sq m and €3,500 for each of the 50 car-parking spaces. The 25-year lease provides for a break clause in the 15th year.
However, the Liffey Partnership composed of Alanas and David Arnold who developed the Forum Building will have to underwrite the rent on the Depfa Bank's current office space at number 5 Enterprise House in the IFSC.
This lease has 11 years to run and the current rent of €400,000 in Enterprise House is due to be reviewed.
Dermot Cahillane, executive director of Depfa Bank, said the location of the Forum Building met their requirements in terms of location and proximity to public transport.
The bank has a market capitalisation of over €3 billion and is one of the leading global providers of financial services to public sector clients. Deirdre Hayes of DTZ Sherry FitzGerald acted for the Liffey Partnership while WK Nowlan advised Depfa Bank.
