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
LaSalle closes £800 million debt fund
21 November 2017 | London | Reporter: Theo Andrew
The fund was supported globally, raising its funds from 17 limited partners across Europe, the Middle East, Asia and the US
EPIC warehouse acquisition in the pipeline
20 November 2017 | London | Reporter: Stephanie Palmer
Ediston Property Investment Company (EPIC) is set to acquire four retail warehouse parks in the UK from Stadium Group, for £144 million
HFF delivers $288.8 million loan for resi project
17 November 2017 | San Jose, California | Reporter: Theo Andrew
HFF has secured $288.8 million of construction financing for two luxury residential towers in San Jose, California
CBRE Capital Advisors chosen for £100 million fund
16 November 2017 | Belfast | Reporter: Theo Andrew
The Northern Ireland fund will provide debt finance for real estate, regeneration, low carbon and infrastructure projects. It has been appointed on a 15 year mandate
AXA IM - Real Assets hit final close on logistics club
15 November 2017 | London | Reporter: Theo Andrew
The fund, which seeks to invest in 1 million square metres of logistics developments across Europe, raised the equity commitments from four international institutional investors
LaSalle names European head in business restructure
14 November 2017 | Paris | Reporter: Theo Andrew
Karim Habra was previously head of France for LaSalle, and his appointment replaces the firm’s previous structure of naming country heads for Europe
L&G settles on UK retirement villages for £102 million
14 November 2017 | London | Reporter: Theo Andrew
The portfolio, not yet fully developed, will comprise of 694 units, located in Liphook in Hampshire; Faygate in West Sussex; Exeter in Devon; and Great Alne in Warwickshire