Union Investment Bets On Dublin Office Shortage With Grand Canal Square Revamp
Union Investment has started the redevelopment of 4-5 Grand Canal Square, the former Dublin headquarters of Meta, led by Walls Construction.
The scheme is targeting completion in early 2027, with an estimated construction value of approximately €70M. The 18-month programme is intended to transform the building into 250K SF of workspace on Dublin’s South Docklands.
Features of the redevelopment will include two receptions at Grand Canal Square and Cardiff Lane, circa 12.5% of the building dedicated to services, including a business lounge, a ground floor café with external seating, flexible workspace, a private gym and wellness suite, and a communal roof terrace with waterfront views.
There will also be a seven-storey glazed atrium, while the scheme will target an A3 building energy rating, LEED Platinum, SmartScore Enabled and WiredScore Platinum, with 80% lower carbon emissions than a comparable new build, the company said.
The scheme will come online as Dublin’s current scheduled development grinds to a halt and will also deliver enhanced public realm and landscaped external spaces at street level.
Savills and Cushman & Wakefield have been appointed as joint letting agents.
Union Investment acquired the buildings along with No 2 in 2015 for €232M in a deal overseen by the National Asset Management Agency, overcoming stiff competition from Irish Life, Hines and JPMorgan Chase for the office investment, originally developed by Chartered Land.
Meta, then called Facebook, rented both buildings under two separate leases, accommodating its European, Middle East and African headquarters. But it has relocated its staff to its Ballsbridge headquarters.
“By retaining the existing structure, and reimagining it to the very highest sustainability standards, we are setting a new benchmark for low-carbon development in Dublin,” Union Investment Asset Manager Seb Wilson said in a statement.
“With its exceptional location, premium amenity offering, and best-in-class environmental credentials, we believe 4/5 Grand Canal Square will be one of the most attractive workplaces in Europe when it completes in 2027.”
