IPUT plc announces that leading Irish law firm, Ronan Daly Jermyn, will join the Food Safety Authority of Ireland at ‘The Exchange’ in Dublin’s International Financial Services Centre (IFSC). ‘The Exchange’, which is being forward funded by IPUT plc, is the first new office development within Dublin’s IFSC since 2003 and is due for completion in October 2017.
In Q2 the Food Safety Authority of Ireland were announced as the first tenant to take space at The Exchange – agreeing a deal to take 19,041 sq. ft. across the first floor. A deal has now been concluded with Ronan Daly Jermyn to pre-let 6,781 square feet of space on the ground floor of the six-storey 105,000 square foot office building. Ronan Daly Jermyn are entering a 20 year lease, which includes a break option after 12 years, at a rent of €50 per square foot.
Named 2017 Law Firm of the Year at the Irish Law Awards, Ronan Daly Jermyn is a top 10 Irish law firm, with offices in Cork, Dublin, Galway and London, and a staff of more than 230.
Commenting on behalf of IPUT plc, Head of Investment Michael Clarke said: “The leasing of The Exchange is progressing on schedule and we are very pleased to be able to include another top tier Irish Law Firm as an occupier within the IPUT portfolio.”
“This is an exciting time for Ronan Daly Jermyn” said Richard Martin, Managing Partner of Ronan Daly Jermyn. “The new, larger space affords the firm further facilities for growth as the firm continues to expand its offering across its offices in Dublin, Cork and Galway.” He continued, “we were fortunate to find such an exceptional space right at the heart of our preferred location. This brand new building will provide our people, and our clients, with a bespoke, state of the art space. It brings the total square footage occupied by Ronan Daly Jermyn across its three offices to over 40,000 sq ft from which the Ronan Daly Jermyn team serves a wide range of national and multinational clients.”
IPUT is the largest domestic owner of prime office buildings in Dublin’s central business district. IPUT has a net asset value of €2.1bn and office’s comprise 65% of the portfolio. The Fund controls over 2 million sq ft of prime office space in Dublin occupied by leading domestic and international companies. Legal firms account for almost 13%
of our rental income and include leading Irish Law firms; A&L Goodbody, Beauchamps, Dillon Eustace, Eversheds, McCann Fitzgerald and now Ronan Daly Jermyn.