Real Estate Opportunities plc, the real estate investment and development group active in Ireland and the UK, is pleased to announce that it has agreed the sale of Montevetro, Dublin's tallest commercial office building, to Google for 99.9 million, to be satisfied in cash. Completion of the transaction is expected in the near future.
Discussions between the company's investment adviser, Treasury Holdings, and Google began in early 2010 about Google taking a lease of the building but late last year developed into discussions for an outright sale.
REO's development of the landmark 15-story building, which commenced in March 2008 and completed in January 2011, comprises 19,500 m² of prime office space in Grand Canal Dock, Dublin 2. The three basement levels provide 80 car parking spaces and extensive additional bicycle and motor cycle spaces. The building, which reaches 67 meters, offers easy access to St Stephen's Green, Baggot Street, the IFSC and Spencer Dock. It also offers unrivalled connectivity to national infrastructure with an integrated DART line which connects with Connolly Station.
Commenting, REO Chairman, Ray Horney said: "We are very pleased to be able to announce Google's purchase of Montevetro, Dublin's tallest commercial office building. REO's stated strategy is to develop high quality, commercial real estate in well located areas.
"The transaction is one of the largest sales of commercial property in Ireland in several years and the company believes it has achieved a very good price in the current market environment. Google is an iconic name globally and its decision to buy Montevetro is good news for Ireland and we wish them every success in their new home."
REO is also pleased to announce that the international oil and gas exploration company Tullow Oil plc is to lease a total of approx. 4,460 m² in the Central Park development in Leopardstown, Dublin. A member of the FTSE 100 index, Tullow Oil will be located in Number One, Central Park, the newly completed, state of the art office block.
Central Park is the prime suburban development of REO which is home to a range of blue chip clients including Vodafone, Volkswagen Bank, Lease Plan and Merrill Lynch. This doubling in size of the Tullow Oil facility, along with the recent opening of the LUAS Green line extension to provide easy access to the city center, further cements the location's importance in providing high quality accommodation for blue chip corporates.
Source: Real Estate Opportunities plc