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Hubspot Signs Up To Hibernia’s 1SJRQ

Hibernia Reit's 1 Sir John Rogerson's Quay in Dublin — 1SJRQ — leased in its entirety to Hubspot
Hibernia Reit's 1 Sir John Rogerson's Quay in Dublin — 1SJRQ — leased in its entirety to Hubspot

Marketing and sales software company Hubspot has agreed to take a 20-year lease on all 112K SF of office space at Hibernia’s 1 Sir John Rogerson’s Quay — aka 1SJRQ — in Dublin’s south docklands.

The company already occupies 73K SF in Hibernia’s One Dockland Central and Two Dockland Central across the river on Guild Street.

1SJRQ is due for completion early next year and the lease is set to begin in June. After a four-month rent-free period, Hubspot will pay an initial rent of €6.8M a year on the building, which includes 31 parking spaces, equating to €59.75/SF for the office space.

To match the 12-year term certain lease on 1SRJQ, Hubspot’s break options on One Dockland Central and Two Dockland Central have been extended by three and a half years.

It’s been a busy week of announcements for Hibernia, which issued its half-yearly financial report Tuesday. The REIT said the value of its properties increased by 3.9% to almost €1.33B during the six months to the end of September 2018.

Hibernia has also revealed two land acquisitions totalling 99.3 acres in the Newlands Cross area in west Dublin. Both are currently zoned for agricultural use.

It is buying 92.5 acres from the IRFU for an initial €27M. If that land is rezoned within the next 10 years, the payment will increase to 44% of the market value at that date. The remaining 5.8 acres was bought for €1.7M last month.

Hibernia already owns 45.4 acres at Newlands Cross, including the 14.1 acre Gateway industrial site and another 31.3 acres of agricultural land. 

“We are delighted to have agreed these acquisitions which take Hibernia’s total holding in the area to 143.7 acres,” Hibernia Chief Investment Officer Richard Ball said. “It is an ideal candidate for mixed-use development, including a large element of infill residential.”