Hines has confirmed the sale of Bishop’s Square, Dublin 2 to GLL Real Estate Partners. The announcement comes on the back of a major refurbishment programme and significant upgrades to the building including a 27,000-square-foot extension at floors 4 and 5 incorporating new Grade A office space and a new penthouse level.
Bishop’s Square is a multi-let building mainly occupied by the Office of Public Works who last year took a long-term lease of the newly extended space. The overall building now extends to over 180,000 square feet over 7 storeys.
Hines completely refurbished the existing reception and lobby areas and has made better use of shared areas by way of a new indoor communal area which is regarded as a major enhancement to the overall working environment of those located at Bishop’s Square. This extensive redevelopment project which took 2 year to complete has resulted in a 30% increase in the overall rent roll for the building.
The deal completion has been welcomed by Hines Ireland Senior Managing Director, Brian Moran: “This is an excellent outcome for Hines coming on the back of a strategically driven redevelopment programme for this landmark property. We acquired Bishop’s Square in 2015 with a view to bringing a major value-add to this prime city-centre asset and we are exiting today having delivered transformative upgrades and improvements to the building which will significantly enhance the existing and future tenant experience.”
In addition to the extended areas, Hines has installed six new lifts, replaced the mechanical and electrical installations and upgraded the basement car park. In addition to 90 bike spaces, it now also provides showers and changing areas which are an essential requirement for modern offices.
The building is fully let with an average unexpired term to the earlier of break or lease expiry of approximately 11 years and almost 90% of the rent roll is from Government or State Agency tenants. The full line up of tenants includes, Office of Public Works, Tourism Ireland, IFDS and Starbucks.
Commercial real estate company CBRE acted as agents while HWBC acted for GLL.