Northbrook Technology, part of the US-owned Allstate Insurance Corporation, has agreed in principle to lease one of Dunloe Ewart's prime office developments in the heart of Belfast.
The property group has already part-leased the high specification building to Fujitsu Telecommunications but three floors remain unoccupied in the multimillion pound development.
Nine Lanyon Place is one of Dunloe Ewart's flagship developments in Belfast but the slowdown in the office property sector has meant that prospective tenants have been slow coming forward.
It is believed Northbrook Technology is close to signing a lease agreement for the remaining 30,000-plus sq ft next door to the Waterfront Hall in Belfast. Northbrook Technology is located in a former Dunloe Ewart development in Corporation Street in the city.
The information technology company has been in discussions in recent weeks with several property developers and business bodies in the city with a view to relocating its business due to expansion plans.
The US company first came to Belfast in 1998 with plans to invest £4.9 million sterling (€6.2 million) and create 250 jobs in a three-year investment programme.
Northbrook Technology is Allstate's first non-US IT operation. The insurance giant, due to post third-quarter results later this week, has warned that it expects to announce losses as a direct result of the terrorist attacks on the United States in September.
The US company's Northern Ireland subsidiary is currently based in a former Dunloe Ewart development in Corporation Street in Belfast. Industry sources say the two companies have a good working relationship and that Dunloe Ewart offered Northbrook an attractive package to win its business.
The property group's ability to secure a prominent client for the remaining floor space on Nine Lanyon Place will be a welcome boost for shareholders.
Last month it was forced to put £15.4 million sterling against the value of its portfolio in the North. Dunloe Ewart subsequently reported pre-tax losses of €12.2 million (£9.6 million) for the six months to June compared to profits of €3.14 million for the corresponding period last year.
