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Back to Press Releases 12 November 2020

ESB exchange on landmark office development in Dublin

Thursday, 12 November 2020

ESB has today confirmed that Amundi Real Estate, a French Asset Manager, has successfully exchanged on Fitzwilliam 28, a prime office development in the heart of Dublin’s traditional central business district on behalf of a fund under management.

Currently in the final stages of construction, Fitzwilliam 28 has been entirely pre-let to Slack Technologies upon completion of the building. The global tech giant is moving out of its current property on Hatch Street and into Fitzwilliam 28, which will act as their new EMEA headquarters.

Located between Merrion and Fitzwilliam Squares in Dublin CBD, the location is one of the most sought after in the City and once complete, Fitzwilliam 28 will comprise c. 12,600 sq m of prime Grade-A office accommodation over eight floors and will be one of the most prestigious office buildings in the Dublin market.

ESB, Ireland’s largest utilities company, is developing the asset alongside its own headquarters at Fitzwilliam 27, which is also under development.

Sustainability and energy efficiency have been a key focus and as such, Fitzwilliam 28 will benefit from BREEAM Excellent accreditation, A3 BER Rating and will be one of Dublin’s first NZEB (Near Zero Energy Building) compliant developments.

On completion, the acquisition will represent Amundi Real Estate’s first deal in the Irish market in a bid to expand the presence of their flagship fund in key European jurisdictions.

Savills and Bannon advised ESB on this transaction. Knight Frank advised Amundi Real Estate.

Ronan Sheehy, Head of Property and Security at ESB, commented: “We are delighted to confirm the exchange of Fitzwilliam 28 with Amundi Real Estate. This flagship development by ESB has been built with the highest standards of sustainability in mind. A tireless amount of work has gone into ensuring the delivery of what we believe is the finest office development to complete in recent times, and we look forward to completing this deal with Amundi Real Estate in the coming weeks.”

Fergus O’Farrell, Director of Investments at Savills, commented: “The quality of the asset was reflected in the strong demand for the investment. This investment by Amundi Real Estate is further endorsement of Dublin as location for international investment.”  

Rod Nowlan, Director at Bannon, commented: “This is an important transaction for the Dublin market, representing a deal which both underpins values and illustrates continued international demand with this new market entrant.”