Oldest bank in US to move into Dublin office

The United States’s oldest and largest private bank, Brown Brothers Harriman (BBH), is to rent most of the former MOP office building on Herbert Street, Dublin 2, when it is refurbished later this year.

The vacant 1996 block was recently sold to Irish Life for €25.5 million by property developer Johnny Ronan as part of his preparations to exit from Nama.

BBH is to pay a rent of €403 per sq m (€37.50 per sq ft) for almost 2,694sq m (29,000sq ft) at basement, ground and first-floor levels on a 15-year lease with a break option in year 10.

Simon McEvoy of JLL, who advises Irish Life, is quoting a rent of €484 per sq m (€45 per sq ft) for the remaining 1,858 sq m (20,000sq ft) on the two upper floors of the building.

Two companies are pitching for this space. There are about 50 car-parking spaces in the basement. James Nugent of Lisney is acting for BBH. The six-storey building with a classical facade was developed by Ronan for solicitors Matheston Ormsby Prentice who now trade as Matheson. The fast-growing legal firm later relocated to Sir John Rogerson's Quay in the south docklands, renting the newly built Riverside 1V block first from developer Sean Dunne.

Docklands scheme

Dunne initially had to underwrite the rent on Herbert Street and when he sold on the docklands scheme to Irish Life this responsibility was passed on to the insurance company.

Earlier this year Irish Life decided that with the prospects of a surge in city office rents it was a good time to buy in the freehold of 30 Herbert Street. Before it can re-let the building the company plans to spend €2.5 million on a comprehensive upgrading of the facilities including the reception area, toilets, lighting and air conditioning.

Knight Frank handled the lettings, while JLL, DTZ Sherry FitzGerald and BNP acted for the tenants.