Hibernia in Dublin serviced office link-up
Hibernia REIT has agreed a deal for flexible workspace provider Iconic Offices to take 21,000 sq ft in Hibernia’s Clanwilliam Court scheme in Dublin.
Iconic will take three floors over five years in Block 1 to establish serviced office and co-working businesses in a partnership agreement.
The income generated will be shared between the two. Hibernia will receive the majority of net income up to a level equating to a headline rent of €45 (£38) per sq ft. Iconic will receive the majority of any net income above this level.
Hibernia REIT has agreed a deal for flexible workspace provider Iconic Offices to take 21,000 sq ft in Hibernia’s Clanwilliam Court scheme in Dublin.
Iconic will take three floors over five years in Block 1 to establish serviced office and co-working businesses in a partnership agreement.
The income generated will be shared between the two. Hibernia will receive the majority of net income up to a level equating to a headline rent of €45 (£38) per sq ft. Iconic will receive the majority of any net income above this level.
Frank O’Neill, chief operations officer of Hibernia, said: “Co-working and flexible workspace are becoming increasingly significant elements of the office market and we look forward to working with the Iconic team, whom we know well from SOBO Works, to meet this tenant demand.
“In the medium term, Clanwilliam Court continues to offer significant opportunities for repositioning, whether via refurbishment or redevelopment.”
In a separate agreement it has prelet 16,000 sq ft in Two Dockland Central in Dublin’s North Docks.
The space, which is under refurbishment, has been let to HubSpot, a provider of marketing and sales software, which will pay €52.50 per sq ft on a 19-year lease with a six-month rent-free period.
The refurbishment of Two Dockland Central is due to complete in late 2017.
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