JP Morgan has bought a 130,000 sq ft Dublin office building which could accommodate more than 1,000 staff.
The bank’s Irish unit has entered into a forward-funding agreement to purchase 200 Capital Dock from a joint venture between Kennedy Wilson, Fairfax Financial Holdings and Ireland’s National Asset Management Agency.
The building is due to be completed in the third quarter of 2018. Kennedy Wilson confirmed the deal, but did not comment on price. Bloomberg reported the agreed price was around €125m (£106.2m).
“Dublin has the vibrant business and technology communities that suit a global firm like ours,” said Carin Bryans, senior country officer for JP Morgan in Ireland. “Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union.”
The money raised from the sale of 200 Capital Dock and a construction loan of €125m from Deutsche Bank will fund the wider 660,000 sq ft Capital Dock development. The campus-style scheme, designed by architect O’Mahony Pike, will include 345,000 sq ft of office space across 100, 200 and 300 Capital Dock and 190 rented residential units with waterfront views across three aspects, including a 23-storey tower marking the gateway to the city.
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