15 May 2017
Dublin
Reporter: Theo Andrew

J.P. Morgan purchases Dublin office development


J.P. Morgan has acquired an office building in Dublin’s Capital Dock development from joint venture Kennedy Wilson and Fairfax Financial Holdings.

The property, 200 Capital Dock, will be made up of 130,000 square feet of office space and is expected to be completed in Q3 2018, coinciding with the forward-funding agreement.

Capable of accommodating 1,000 staff, it will give the US investment bank flexibility across the EU as the UK prepares to leave.

The office space at Capital Dock will have a Leadership in Energy and Environmental Design (LEED) Gold certification.

The total development spans more than 4.8 acres of dockland space and will comprise of 660,000 square feet of mixed-used assets, located in the heart of Dublin on Sir John Rogerson’s Quay.

One of the largest developments in Dublin, work began on the project in 2012 after the joint venture secured a loan from State Street.

The joint venture recently secured a €125 million loan from Deutsche Bank, which will fund the remainder of the project's costs, according to Kennedy Wilson.

William McMorrow, chairman and CEO of Kennedy Wilson, said: “We are excited to welcome J.P. Morgan, through its acquisition of 200 Capital Dock, as the first major office occupier to commit to this best-in-class mixed-use campus development, to grow its existing business and meet its long-term plans in Ireland.”

He added: “Our team’s execution of converting that loan to direct real estate, strategic site assembly and structuring the joint venture with NAMA and securing master planning has culminated in the construction and delivery of our vision for this dynamic campus”

Carin Bryans, senior country officer for J.P. Morgan in Ireland, said: “Dublin has the vibrant business and technology communities that suit a global firm like ours. Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the EU.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Warehouse REIT acquires four UK assets
25 September 2017 | London | Reporter: Theo Andrew
The purchase, which is in addition to the £108.85 million 27-asset Tilstone Portfolio, represents a net initial yield of 7.5 percent
AEW strengthens Madrid portfolio
25 September 2017 | Madrid | Reporter: Theo Andrew
AEW has acquired an office in Madrid on behalf of its European Value Investors fund, for €30 million
The top 100 private real estate fund managers accounted for 62 percent of total industry fundraising over the past decade, according to a new Preqin report
BlackRock sells Marina Bay office for SGD 2.12 billion
22 September 2017 | Singapore | Reporter: Theo Andrew
BlackRock has agreed to sell Asia Square Tower 2, in Singapore’s Marina Bay, to CapitaLand Commercial Trust, for SGD 2.12 billion (US $1.6 billion)
JLL names head of capital markets for CEE region
22 Septmeber 2017 | Prague | Reporter: Theo Andrew
JLL has appointed Mike Atwell as head of capital markets the Central Eastern European (CEE) region and the Czech Republic
HFF facilitates sale of residential and office assets
21 September 2017 | Plainsboro, New Jersey | Reporter: Jenna Lomax
Kushner Companies has acquired Quail Ridge Apartments in New Jersey, for $146 million, and Perimeter Park in North Carolina has sold for $105.5 million
Fitch revises ratings of retail REIT duo
21 September 2017 | New York | Reporter: Becky Butcher
Fitch Ratings has revised the ratings and outlook of Washington Prime Group (WPG) and CBL & Associates Properties, two retail REITs