Hibernia has confirmed the letting of 85,000 sq ft of office space in Dublin to Twitter.
Twitter will take the space in the 112,000 sq ft Cumberland House office building in Dublin 2 at an initial rent of €4.2m (£3.1m) pa.
The tech company will take all but the fifth and sixth floors at an average of €50 per sq ft. on a 20-year lease with tenant- only breaks at 12 and 15 years.
The agreement between the REIT and Twitter will see the owner refurbish the entire building at a cost of up to €27m ahead of the commencement of the lease in the second half of 2016. Once work is finished the yield from the building is expected to be around 8%.
Hibernia bought Cumberland House in March 2015 for €49m after providing a short-term loan on the property.
