THE GLOBAL healthcare products company Covidien is to lease 3,500sq m (37,674sq ft) of office space at Cherrywood Business Park in south Co Dublin.

The company, previously known as Tyco Healthcare, has relocated staff from 17 different locations around Europe into Cherrywood where it will employ 250 people. The rent will be €245 per sq m (€22.75 per sq ft) after a 12-month rent-free period while another one-year rent-free stretch will apply if the company does not avail of a break option in year 10.

The letting is the first recorded by Liam Carroll’s Dunloe Ewart group in two newly completed blocks at Cherrywood which have a combined space of 22,296sq m (240,000sq ft). Closer to the city centre, Carroll has completed work on Beckett House, an office block of 14,864sq m (160,000sq ft) at East Wall Road in the north docklands. A tenant has not yet emerged.

Conor Whelan of Atisreal, who along with CBRE is advising the developer on Cherrywood, said the Covidien letting was a major coup for Cherrywood and Ireland. The joint agents are quoting rents of €270 per sq m (€25 per sq ft) for space in the two newly completed blocks, G and G2, at Cherrywood. Carroll is also due to complete development work in the third quarter of 2009 on another building, Block D1, which will have 6,000sq m (64,583sq ft) of space.

Cherrywood’s new facilities building has just been completed and is due to house Crunch Fitness and its swimming pool from November. An adjoining sandwich bar is to be rented by Subway.

The joint agents are marketing the balance of the ground floor space which will include a convenience store and five further retail units. A rent of €300 per sq m (€28 per sq ft) is being quoted for a restaurant while other retail units will be rented at €400 per sq m (€37 per sq ft).