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.”

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