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Iput Real Estate has acquired two buildings on St Stephen’s Green totalling 43K SF, increasing its St Stephen’s Green portfolio to 100K SF across five buildings and its Dublin central business district portfolio to nearly 2.2M SF of offices.
At 44-45 St Stephen’s Green, Iput has acquired a 16,400 SF, five-storey office with a mock Georgian facade. Formerly the offices of solicitor Ivor Fitzpatrick, it occupies a corner location on St Stephen’s Green and Hume Street adjacent to existing Iput assets.
Iput has acquired the building with vacant possession, and the company said it intends to invest in an extensive refurbishment for its flexible workspace Studio brand.
At 90-91 St Stephen’s Green, the company has acquired a 26,600 SF, four-storey office building with a midterrace Georgian facade. The building is occupied by Standard Life and has a dual aspect. Over time, 90-91 St Stephen’s Green will also be used to expand the Studio flexible portfolio, the company said.
“Our strategy is to focus on the best office locations in Dublin and we are delighted to add 43K SF on St Stephen’s Green to our portfolio,” Iput CEO Niall Gaffney said in a statement. “We see sustained strong demand for highly amenitised workspaces. Amenities combined with a flexible leasing model are attractive for occupiers and are driving premium rents.”
Gaffney said the company is looking to more than double its Studio offering from 50K SF to 108K SF this year and is expanding its dedicated amenities to more than 16K SF.
The news comes amid the latest report from CBRE, which identified financial services tenants as the most active sector in Q3, accounting for 23% of quarterly takeup, with the technology sector trailing at 16%.
The agent said that early signs of rental growth are beginning to emerge, with several deals agreed at headline rents between €65 per SF and €68 per SF, noting strong demand for Cat A fitted space, particularly among midsized professional services firms and tech occupiers.
“The Q3 figures reflect a market that is regaining its footing,” CBRE Ireland Head of Office Leasing Alan Moran said in a statement. “While the first half of the year was clouded by macroeconomic uncertainty, the volume and velocity of leasing activity in recent months point to a stabilising environment. The return-to-office narrative is evolving, with mandates becoming more common, albeit not without resistance in some quarters.”
CBRE said it expects continued momentum into Q4, supported by a healthy pipeline of active requirements.
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