The IDA has announced it will be moving to a new office in Upper Hatch Street, Dublin.

The state agency chose Three Park Place following a tendering process supported by property advisors GVA Donal O’Buachalla.

The new headquarters will be in the central business district and is being developed by Clancourt Group.

The IDA take the sixth, seventh and eighth floors totalling 53,572 SF and will share the upper floors of Three Park Place with other state agencies — Sustainable Energy Authority of Ireland, Science Foundation Ireland and the Marine Institute.

The agency said in a statement, "the proposed re-location of the Agency’s Global Headquarters is dependent upon the satisfactory completion of legal and technical due diligence and receiving the necessary approvals as provided for in the Code of Practice for the Governance of State Bodies."

The IDA said it "conducted the search on behalf of all four agencies in order to achieve the best value and benefit from economies of scale."

“The move is necessary as the lease on our current location in Wilton Park House, Dublin 2, will expire in 2019 — IDA Ireland has been located here since 1985," IDA Ireland Chief Executive Martin Shanahan said. "The new location ... will enable us to bring the organisation through the next phase of growth and pursue its vision of being the best and most successful investment promotion agency in the world.”

The IDA said last week that 210,443 people now go to work every day in more 1,300 foreign direct investment companies in Ireland.