European Fund Acquires Development Site For Dublin’s Tallest Office Block
Tristan Capital Partners has bought the EXO office development in Dublin’s North Docks for around €80M.
Tristan's European Property Investors Special Opportunities IV fund completed the acquisition with SW3 Capital, its local operating partner. It bought the site from Nama after it had been put into receivership.
The 169K SF EXO development will be Dublin’s tallest commercial office building at 73 metres.
Bennett Construction has been appointed as the main contractor for the project. Construction will begin at the end of the month with completion expected in the first quarter of 2020.
Savills and CBRE have been instructed to secure pre-let agreements with tenants for the development, which will house up to 2,000 workers.
Shay Cleary Architects produced the designs for the office space which will feature flexible floor space, floor-to-ceiling glass with 360-degree city views and a panoramic rooftop garden.
It is the third investment made by the Tristan and SW3 in the Dublin market.
"The EXO will be a pivotal landmark for the Point Square which is set to become the main hub for work and entertainment in the North Docks," said Stephen Tennant, one of the receivers of the development.
“Brexit has amplified Dublin’s status as a sought after destination with strong economic growth and continued foreign investments into Ireland," Tristan Capital Partners Managing Director of Investments Peter Mather said.
The original building was scrapped by NAMA after loans to developer Crosbie were transferred to the State agency and receivers were appointed as previously reported by Fora.ie.