Irish Life lines up second tenant for George’s Quay development

Irish Life has landed a second tenant for its newly redeveloped waterfront office building on George's Quay in Dublin 2. Four months after lining up US company WeWork, Irish Life has agreed to let the penthouse level to CDB Aviation, a subsidiary of China Development Bank, which owns, leases and manages aircraft.

The newly named 1GQ office complex, which previously served as Ulster Bank's headquarters, has been stripped out, modernised and extended at considerable expense. The railings at the front of the building have been removed to accommodate a five-storey glazed extension, increasing the overall floor area by more than 1,951sq m (21,000sq ft) to 12,200sq m (131,333sq ft). It is now one of only 10 buildings in Ireland to have achieved LEED Platinum certification.

WeWork, which provides trendy office space on flexible leases, agreed a rent of €613 per sq m (€57/sq ft) for about 4,645sq m (50,000sq ft) on the ground and first floors while CDB Aviation has signed a new long-term lease on the penthouse level of 2,210sq m (23,799sq ft) at €645 per sq m (€60/sq ft).

Irish Life is not expected to have any difficulty in finding a tenant for the two remaining floors at second and third levels, each of them extending to 2,805sq m (27,000sq ft),

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Deirdre Hayes of Irish Life said 1GQ was a testament to the company’s ongoing commitment to deliver world-class standard office accommodation that meets the needs of foreign direct investment and indigenous occupiers.

Leasing agent Deirdre Costello of JLL said it was no surprise that most of the building was let prior to practical completion, considering the standard of finishes throughout along with the excellent location and profile on offer.

Other enhancements include a feature glazed lift to the rear of the building overlooking George’s Quay Plaza with two fully glazed atria. There is a full suite of tenant amenities at basement level with showers, changing areas and drying. There are also 100 car parking spaces at basement level along with 80 bicycle parking spaces.

Dam Shannon of CBRE advised WeWork while Conor Fitzpatrick of JLL acted for CDB Aviation.