Facebook is to let an additional 120,000 sq ft of office space at 5 Grand Canal Square in Dublin, which will more than double its presence in the city.
The social networking giant moved its Dublin offices to the adjoining building, 4 Grand Canal Square, in June this year. It secured 120,000 sq ft on a 10-year lease at around €35 per sq ft in a deal signed in 2011.
Facebook is expanding its operations in Dublin, and announced earlier this year that it planned to take on 100 new staff.
However, the company is letting the additional space as an “insurance policy” against a worsening undersupply of grade A offices in Dublin, rather than to accommodate any immediate plans, said one agent.
“It is likely that Facebook will sublet most of building 5 until they need it,” he said.
The two office buildings at Grand Canal Square are to be put on the market by Nama, which announced today that it will bring five major portfolios totalling €600m (£470m) to market in the next three months.
sophia.furber@estatesgazette.com
