Hibernia REIT has agreed a new, non-renewable six-year lease with the Office of Public Works at Harcourt Square, Dublin.
The lease takes effect in January 2017 at an annual rent of €6m (£5m) for the offices, car parking and ancillary facilities, plus a one-off arrears payment of €500,000.
The 117,000 sq ft office is fully let to the OPW and occupied by An Garda Síochána (the police) at a rent of €4.9m per annum on leases expiring at the end of December 2016.
Hibernia acquired Harcourt Square in February 2015, and has secured planning permission for the a 276,500 sq ft redevelopment of the site.
Kevin Nowlan, chief executive of Hibernia, said: “The new lease gives both parties certainty on the date of departure and secures near term income for Hibernia.”
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