THE IRISH oil and gas exploration company Tullow Oil is to relocate to a new headquarters at Central Park in Leopardstown, Co Dublin.
It has agreed to lease 4,450sq m (47,899sq ft) in the newly completed Number One Central Park, making it the largest single letting in the south of the city over the past 12 months.
Although letting agents had been seeking rents of around €269 per sq m (€25 per sq ft) for space in the latest eight-storey block, the weak office rental market has probably allowed Tullow to negotiate a rate of about €193 per sq m (€18 per sq ft).
Tullow has effectively doubled the size of its offices, moving from an older block in the park which was originally funded by Treasury Holdings, Derek Quinlan and David Arnold. Central Park is now controlled by Real Estate Opportunities plc, whose investment manager is Treasury Holdings. Other tenants in the park include Vodafone, Volkswagen Bank, Merrill Lynch and Lease Plan.
The recent opening of the Luas Green Line extension with an integrated stop in Central Park will make the campus more accessible for workers residing either in the city centre or in south Dublin. Central Park does not suffer from as much traffic congestion at peak hours like nearby Sandyford Industrial Estate,
Derek Dolan of Treasury Holdings said they had proceeded with the development of the latest block in the depths of the downturn in the knowledge that “it had its fundamentals right”. The Tullow deal secured 25 per cent occupancy in the block and they were confident this will be followed by further lettings.
Overall there is 90 per cent occupancy in Central Park, reinforcing the location as a strategic place of employment in south Dublin.
Eugene Heavey of Tullow Oil said continued growth and expansion had necessitated additional office space and the Number One building meets their needs perfectly both in terms of location and specification. The building has a total floor area of 18,208sq m (195,989sq ft) and it comes with raised access floors, suspended ceilings with modular recessed lighting and air conditioning.
James Nugent of Lisney advised Treasury Holdings and Declan O’Reilly from HT Meagher O’Reilly acted for Tullow Oil.
