Twitter — the online social networking service with more than 300m active users — is taking 85,000 sq ft of Dublin office space from Hibernia REIT.
The pre-let deal, ahead of a €27m (£20m) refurbishment, will see the internet giant take more than two-thirds of the available floor space at Cumberland House. Hibernia acquired the Dublin 2 property for €49m (£36.2m) last March.
As part of the signing the investment trust has agreed to refurbish the entire 112,000 sq ft building prior to the Twitter European headquarters staff moving in during the second half of 2016. Cumberland House sites on a 1.6-acre site and has parking for more than 200 vehicles.
Twitter will take over the majority of office space, with the exception of the fifth and sixth floors. Its 20-year lease also includes around 140 car parking spaces. The €4.6m (£3.4m) annual rent equates to an average €50 (£37) per square foot.
“We are delighted to have agreed terms with Twitter for the pre-lease of the majority of Cumberland House,” said Kevin Nowlan, chief executive of WK Nowlan REIT Management.
“The building is excellently located in the heart of Dublin between Pearse Street Railway Station and Merrion Square and once refurbished will offer first class office space with the potential of further expansion in future.”
Nowlan added that once fully let he expect the office building to generate a yield of at least eight per cent on purchase and refurbishment costs.
CAPTION: Twitter will move into its new Dublin headquarters late next year.
Source: Hibernia Press Release
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