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News Release

Dublin

Successful Sale of Former Bank of Ireland Head Office


 

Jones Lang LaSalle is delighted to confirm the successful sale of the former Bank of Ireland Head office in Baggot Street, Dublin 2.  With over 200,000 sq ft of office space in an iconic building in a prime location, this property is one of the largest opportunities to create Grade A offices in three blocks suitable for single or multiple occupation, in a proven prime location.

 

The building attracted considerable interest from local and overseas investors keen to acquire a prime campus of buildings at a low point in the property cycle. Following a competitive bidding process the property has been successfully sold to an Irish investor, the property division of Parma Group.
The property offers multiple redevelopment/refurbishment options. The slab to slab heights are sufficiently generous to enable the property to be refurbished to Grade A standard, on either a phased or overall basis.  All works are subject to the protected status which particularly emphasises preservation of the external façade and plaza areas.

 

Under new ownership, this property can look forward to a whole new lease of life. The high level of interest and the pricing were extremely strong and showed a very encouraging belief in the future of the Irish office market” said John Moran, MD, Jones Lang LaSalle.
Background:  Jones Lang LaSalle was instructed as Asset Manager in February 2012 by Kieran Wallace, Receiver, KPMG to advise on all aspects of this large and complex property. Following the exit of Bank of Ireland as office tenant in August 2012, the lease to the Branch was put in place and extensive preparation for sale was completed. A public sales campaign was launched in October 2012 and conducted over a 9 week period. Working with the Receiver and the syndicate of lending banks, a successful sale was contracted on 7 December 2012
Information: Margaret Fleming or John Moran, Jones Lang LaSalle  ph +353 1 6731600