IPUT is in advanced talks to buy Harcourt Life Assurance Company’s 70.8% stake in Riverside 1 in Dublin for more than €80m (£56.5m).
The 110,000 sq ft block, which neighbours Facebook’s Irish HQ on the River Liffey, was on the market for €75m and is considered one of Dublin’s most prized properties.
The building is let in its entirety to law firm McCann FitzGerald until 2031.
The Scott Tallon Walker-designed office was built specifically for the law firm and completed in 2006.
The company pays around €45 per sq ft, with an upward-only rent review due in 2016.
IPUT saw off a pack of institutional investors to secure the deal. Irish Life, Union Investments and JP Morgan are among those thought to have registered an interest.
The remaining 29.2% stake in the building is owned by Aviva.
The Anglo Irish Pension Fund was the original owner of the majority stake. Derek Quinlan, one of Dublin’s biggest pre-crash investors, had invested in the fund before it transferred to IBRC and the stake was bought by Harcourt Life in March.
Savills acted for Harcourt Life; IPUT was represented by JLL.
