Patrizia has acquired a 189,143ft² (17,571m²) central Dublin office building on behalf of an institutional client for €145m.
The Oval is located in the centre of Ballsbridge, one of Dublin’s prime central business districts, a strong destination for financial, commercial and IT occupiers. The building is fully let to 15 tenants occupying 156,701ft² (14,557m²) of grade-A office accommodation with tenants including Eirgrid, the state-owned electric power transmission operator and Partner Re, the international reinsurance group, as well as Avolon Aviation, Tableau Software and Murex.
In addition to the office space, the building contains a gym, Energie Fitness Club, Centra, a convenience grocery retailer, a Starbucks and parking. Constructed in 2007, the property is located on Shelbourne Road in central Dublin.
James Muir, managing director at Patrizia UK & Ireland, said: “This off-market acquisition of a substantial office property highlights our ability to source attractive investments for clients in major centres such as Dublin. The building is fully let to a variety of high quality tenants, and we see rental levels continuing to improve in a sector that is characterised by strong demand and a lack of supply. There are several significant commercial developments ongoing in the immediate vicinity which will further enhance the location’s appeal to occupiers over the coming years."
