The ghost of Meta's abrupt departure from Dublin's prestigious Grand Canal Square is finally being exorcised. Union Investment has commenced a comprehensive €70m redevelopment of the abandoned tech giant's former European headquarters, transforming the 23,000m² complex into what promises to be one of Europe's most sophisticated workspaces by 2027.
The German investment giant's bold move to reimagine buildings 4+5 Grand Canal Square comes at a pivotal moment for Dublin's office market, which has been grappling with the aftermath of several high-profile tech departures. Rather than demolishing the existing structure, Union Investment is pioneering a retrofit approach that slashes carbon emissions whilst creating a "Collaboration Street" within the building's striking seven-storey glazed atrium.
"4+5 Grand Canal Square is one of the most well-known office buildings in Dublin. Its redesign represents a significant investment in the future of Dublin's South Docklands. By retaining the existing structure and redesigning it, we are setting a new benchmark for low-CO2 developments in Dublin. We are convinced that 4+5 Grand Canal Square, with its exceptional location and high-quality amenities, will offer one of the most attractive workplaces in Europe upon its completion in 2027," said Seb Wilson, Asset Manager at Union Investment.
What makes this development particularly compelling for investors is the strategic timing. With Dublin's office vacancy rates climbing and rental values under pressure, Union Investment is betting on the "flight to quality" phenomenon, where tenants increasingly gravitate towards premium, sustainable buildings. The property's inclusion in the UniImmo: Europa fund since 2015 provides institutional investors with exposure to this transformation through an established vehicle.
The redeveloped complex will feature full electrification via heat pumps, rooftop photovoltaics, and green energy connectivity, addressing the growing ESG demands from both tenants and investors. Premium amenities include a ground-floor café with outdoor seating, private gymnasium with wellness facilities, and a business lounge overlooking a communal rooftop terrace with Grand Canal views. Savills and Cushman & Wakefield will handle leasing activities.
Walls Construction has begun work as lead contractor, with completion scheduled for 2027. The project represents more than just a building renovation; it's a statement of confidence in Dublin's long-term appeal as a European business hub, despite recent tech sector turbulence.
People mentioned:
- Seb Wilson - Asset Manager, Union Investment
Companies mentioned:
- Union Investment - German investment management company leading the redevelopment
- Savills - Real estate services company handling leasing
- Cushman & Wakefield - Real estate services company handling leasing
- Walls Construction - Lead contractor for the redevelopment
- Meta - Former tenant (technology company)
- UniImmo: Europa - Open-ended real estate fund
Image Source - Copyright: Union Investment
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