Union Investment has announced that it has committed to the funding of Burlington House, the largest speculative prime office development in Dublin city centre.
The Burlington House site, which was formerly occupied by a 1970s office building until its recent demolition, will deliver a total of 172,000 sq of office space, comprising net floor plates between 26,694 sq ft and 30,634 sq ft.
The site was acquired by a joint venture involving Development Securities and companies associated with Patrick McKillen, John Ronan and Colony Capital Inc., in June of last year. The partnership has now appointed Sisk as the main contractor for the scheme which is due to commence imminently with an anticipated completion time frame of Q2 2017.
The site is located on Burlington Road within Dublin’s prime commercial core which is well connected by transport links and has an established blue-chip occupier base including Amazon, LinkedIn, CBRE and BSkyB.
Philip La Pierre is Head of Investment Management Europe at Union Investment, which made its debut in the Irish market earlier this year with a major purchase in Dublin’s South Docklands.
Discussing today’s announcement, he said: “We are delighted to team up with Development Securities and its partners for our first forward funding deal in Dublin, adding to our extensive track record in European investment regions. This is one of the best buildings in Dublin with excellent leasing prospects.”
Development Securities Chief Executive Matthew Weiner added: “We are delighted to be joining forces once again with our partners John Ronan, Patrick McKillen and Colony Capital Inc and to be continuing to build our track record in the delivery of high quality office-led developments.
“Burlington House will provide the best new office space in Dublin, a market where supply is limited and occupier demand continues to strengthen and we look forward to completing this iconic office space.”
