Rohan Holdings, one of the first development companies to embark on a speculative office building after the property crash, has agreed letting terms with technology company ViaSat to move into the recently completed block overlooking the Grand Canal at Charlemont Place, Dublin 2.
ViaSat has agreed a 12-year lease of the 3,437sq m (37,000sq ft) building at a rent of €592/sq m (€55/sq ft). As the company will initially require only 1,393 to 1,858sq m (15,000-20,000sq ft), it plans to sublet the rest of the space.
Paul Finucane of Colliers International, who acted for the tenant, said ViaSat was delighted to have secured an “own door” building of this calibre so close to St Stephen’s Green.
Rohan Holdings paid about €6.5 million for the former headquarters of McConnells Advertising, which was offered for sale with the benefit of planning permission by receivers acting for Ulster Bank.
Rohan spared no expense in refining the design and development of the building, which has high-end finishes, a recessed garden feature, changing facilities and a basement car park.
Letting agents JLL and Knight Frank were aware that Rohan had a strong preference for a single occupier of institutional standing. ViaSat, a global broadband services and technology company, has had a presence in Ireland since November 2016, when it acquired local software developer Arconics.
ViaSat’s operations now focus on software development and service deployment to the global commercial aviation sector. Earlier this month it launched the world’s highest capacity communications satellite to deliver internet connectivity to aircraft on transatlantic routes.
Missed out
Rohan Holdings has traditionally been more associated with industrial development than the office sector and has significant land holdings all round the M50. The company recently refurbished 60,000sq ft of its 200,000sq ft of offices at the Grand Canal Plaza adjoining the south docklands, where its tenants include Google, BT and BNP Paribas.
The developer has also been actively bidding on various on- and off-market opportunities in the residential, office and industrial sectors, and recently missed out on the 3-acre former Carmelite retreat centre in Donnybrook, which would have accommodated more than 100 apartments.
Meanwhile, Rohan Holdings is reportedly progressing its plans for a mixed retail/ apartment scheme on part of its own lands in Swords, which will adjoin planned Metro stops.
