US IT company Workday has signed a 10-year lease for 85,000 sq ft at the King’s Building in Smithfield, Dublin.
Workday will pay around €25 (£20) per sq ft for space at the grade-A building.
The human resources software specialist currently occupies 40,000 sq ft at Fumbally Square, Dublin 8, near St Patrick’s Cathedral.
California-based Workday launched on the New York Stock Exchange in 2012, and employs around 200 people in Ireland.
The IT sector has been a major driver of demand in the Dublin office market this year, accounting for 44.1% of lettings so far this year, according to data released this week by Lisney. This already exceeds the 506,000 sq ft take-up from the sector for the 2013 full year.
Smithfield is located to the north of Dublin Docklands, and is best known for the Old Jameson’s Whiskey Distillery and twice-yearly horse fair. The district is also home to the Four Courts, Ireland’s main courts building, the Law Library and the Bar Council.
Competition for prime Dublin offices has made it increasingly difficult for occupiers to find space in the city centre, with vacancy rates currently standing at just 2%, according to CBRE. High levels of demand for central locations have pushed prime rents up to an average of €41 per sq ft.
GVA Donal O’Buachalla acted for Workday; Savills acted for the landlord.
