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Barclays acquires space in Dublin after the Brexit referendum, weakening the London market.
Following in the footsteps of J.P. Morgan, the last major real estate acquisition in Dublin post-referendum, Barclays Bank has signed a 20-year lease for 37,000 sq ft of Green REIT’s flagship development at One Molesworth Street.
Eugene O’Sullivan, Managing Director at Morgan Pryce, explains; “More and more major firms and SMEs are adopting short-term leases in London, and many companies are even looking to take their offices to cities in different countries, such as Berlin and Dublin.”
Dublin-based stockbroker Goodbody has said that securing one of the first major Brexit relocation deals was “a significant boost” for Green REIT.
The office space commands €2.35 million (£2.1 million) annual rent, equating to €62.00 per sq ft – one of the strongest rents achieved in the city in 10 years, and the lease has a tenant-break option at the end of year 12. The space taken up by Barclays consists of 2.5 floors, which makes up half the building, and there is the potential for the company to take up a further 8,000 sq ft. Barclays is also entitled to a market-level rent-free period at the outset of the lease – believed to be for a year.
O’Sullivan states; “Moving forward, the London market will be affected by similar office moves. Today’s market is very much a tenant market, and although headline rents mean that prices are not changing dramatically, landlords are dishing out substantial rent-free periods. A prime example of this, Morgan Pryce has recently achieved a deal including 27 months rent-free.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.