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Amazon occupies 100,000 sq ft in Burlington Plaza which JLL acquired on their behalf in 2015.
After a review of the business in Ireland it was clear that there would be further head count growth for approximately 150 -175 000 sq ft. Amazon appointed JLL to work with them in identifying alternative properties that would suit their requirement.
There was limited choice in the market with a vacancy rate of 4% in the city centre and Landlords dictating terms.
Working with Amazon in reviewing existing leases in Dublin and opportunities for break options, termination and disposal.
Carried out a market search for on and off market opportunity's that could accommodate the large scale requirement without disclosing Amazons identity to the market.
Worked on providing swing space to bridge the gap between the existing space and a new building being delivered to accommodate head count growth.
Worked alongside project management team in relation to negotiating credits, and aligning timing requirements relative to fit out and occupation dates and existing leases.
Offsetting results secured pre letting of Vertium on Burlington Plaza on Burlington Road. This is the only building under construction within close proximity to the existing building and the challenge was to make the owners believe that it was not the only option for Amazon which would weaken negotiations.
In order to maximise flexibility, we negotiated that each floor would be held under a different lease to give maximum flexibility to Amazon for future disposal and growth.
We negotiated early access separate to the rent free period and also negotiated one of the highest credit levels received in the market.
Amazon is on track to vacate their swing space at Grand Parade and move into the new building on Burlington Road
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