Hibernia REIT has announced the pre-let of 2,555m² (27,500ft²) in Commerzbank House – renamed One Dockland Central – to HubSpot Ireland Limited.
HubSpot, a global provider of inbound marketing and sales software, will occupy the third and fourth floors of the building along with 14 car parking spaces on a 20 year lease, with a tenant-only option to break after 10.5 years. The subsidiary of Hubspot Inc. will pay rent of around €1.3m per annum for the office space, after receiving six months rent free from lease commencement (expected December 2015).
Works to refurbish 5,110m² (55,000ft²) of the office accommodation of One Dockland Central and all its common areas to Grade A standard commenced in July 2015 and are due to complete in early 2016. The major overhaul and upgrading of services includes new lifts, energy-efficient lighting, additional shower and changing facilities, increased bicycle storage and a bold entrance and reception area. The property entered the rental market in October 2015 with the the principal tenant of Commerzbank House at the time of sale already having served notice to break its lease across four floors.
Kevin Nowlan, chief executive officer of Hibernia, said: “We are delighted to welcome HubSpot to One Dockland Central and to have pre-let half its available space in advance of our official re-launch of this building. The rents achieved are around 40% above the levels we underwrote at acquisition in July 2014, demonstrating the attractive fundamentals of the building and the value of active management.”
Hibernia exchanged contracts to acquire Commerzbank House along with Guild House for €90.75m in cash from a syndicate of private investors in an off-market transaction in 2014. The two adjoined Grade A office buildings are located in the IFSC, Dublin 1, one of the principal locations for the financial services industry in Ireland. The buildings were completed in 2000 and have similar floor layouts and a combined 13,401m² (144,250ft²) of space arranged over five floors. They have a shared basement with parking spaces for 148 cars and separate entrances onto Guild Street.
