Professional network LinkedIn has agreed a prelet of IPUT’s 150,000 sq ft One Wilton Park in Dublin.
The new office block, built on the site of the former Fitzwilton House, has been in IPUT’s ownership since 1982. The development is scheduled for completion in the fourth quarter of 2020.
LinkedIn has agreed a 25-year lease with a certain term of 12 years.
IPUT chief executive Niall Gaffney said: “The preletting of One Wilton Park to LinkedIn is hugely significant for us and represents one of the largest prelets in the Dublin office market. One Wilton Park will deliver a projected income yield on cost of in excess of 9% and brings the total value of new leases signed over the past 12 months to more than €20.5m. This preletting is an important milestone in the delivery of the plans we have for Wilton Park and will support continued growth in the dividend we pay to our shareholders.”
The deal follows hot on the heels of LinkedIn’s establishment of a new 83,000 sq ft London HQ at the former Guardian HQ in Farringdon, EC1.
IPUT said it intended to submit plans for the redevelopment of the remainder of its estate at Wilton Park – which includes Wilton Park House and Gardner House – later this year.
LinkedIn image © Sipa USA/Rex/Shutterstock
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