Hemisphere Management (Ireland) Ltd has become the sixth major international financial services company to rent space at the landmark George's Quay development in Dublin which is widely seen as being an extension of the IFSC.

Hemisphere is to occupy the fourth floor of the 13-storey office block at George's Quay where it will have 16,650 sq ft and ancillary car-parking. The 25-year lease provides for an annual rent of £39.75 per sq ft (€50.47) and £2,750 (€3,492) per parking space.

"Hemisphere's decision confirms once again that George's Quay is one of the prime locations in Dublin for financial services companies moving into the capital or expanding their operations here from the IFSC," said Tony O'Loughlin, office director with Jones Lang LaSalle, who arranged the letting on behalf of the developers, Cosgrave Property Group.

The first phase of the development, the five-storey George's Quay House next door, is already fully occupied by major international financial services companies.

Hemisphere is a global service provider to the hedge fund industry. It is relocating to George's Quay from its existing facility in Frederick House, South Frederick Street, to cater for the projected expansion of its Dublin operation. Hemisphere was advised by Marcus Bell of DTZ Sherry FitzGerald who is also advising it on the disposal of its 8,500 sq ft offices in Frederick House.

Hemisphere's move means that there are only five floors remaining to be let at George's Quay. The other major occupant to date of the 13-storey building is Pioneer Investment Management which is owned by the Italian bank, UniCredito Milan. The building is due to be completed by next summer 2002 and will have a total of 154,742 sq ft of office space topped with a penthouse conference room with panoramic views over Dublin and its distinctive pyramid-shaped roof.