Offices at Two Grand Parade near full occupancy as three new tenants join line-up

Union Investment is moving closer to securing full occupancy at Two Grand Parade in Dublin 6.

Located on the banks of the Grand Canal and immediately adjacent to the Luas green line stop at Charlemont, Two Grand Parade comprises a 9,800sqm (106,000sq ft) platinum LEED, A3-rated office building. Designed by Henry J Lyons Architects, it is distributed across two blocks of eight and five storeys with a triple-height atrium linking the original, former headquarters of the now-defunct Irish Nationwide Building Society building with the new office block.

PTC Therapeutics, Video Elephant and Azorra are the latest companies to join the line-up at the building, which Union acquired from its developers, Hines and Peterson Group, for an undisclosed sum in a forward-funding deal in 2020.

PTC Therapeutics, a pharmaceutical company, has taken the third floor, extending to a net internal area of 5,185sq ft, on a new 10-year lease. PTC was represented in the negotiations by Knight Frank and CBRE.

Video Elephant, an Irish-founded and Dublin-headquartered provider of video services to companies worldwide, has signed a new 10-year lease for the fifth floor, extending to 5,193sq ft.

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Commercial aviation lessor, Azorra, has signed a new 10-year lease for the fourth floor, comprising 5,195sq ft. The company was represented by in the negotiations by Knight Frank and CBRE.

All three companies will benefit from a CAT A+ fit-out of their new office and have agreed to pay rents in excess of €60 per sq ft.

News of the latest lettings at Two Grand Parade follows the arrival to the building last year of three other companies, namely FFH Management Services Ltd, which is a global services provider within the Fairfax Financial Holdings Group, KDB Ireland (Korea Development Bank), and Global management consultants McKinsey & Company.

Other occupiers at the scheme include Element Fleet Management and Clover Aviation. The final two floors of the building are said by the joint letting agents, CBRE and Cushman & Wakefield, to be under offer with formal completion of deals for the space expected to be completed later this year.

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Sam Daunt of CBRE says: “Two Grand Parade’s combination of exceptional design, ESG credentials and attractive location have proven to be a compelling proposition for occupiers. We look forward to seeing the final lettings complete later this year”.

Karl Byrne of Cushman & Wakefield adds: “Securing these tenants for Two Grand Parade is a great result and highlights the demand for best-in-class office space. Grade A multi-let offices offer investors diversified income and flexibility, while giving occupiers the ability to adapt as their needs evolve.”

Seb Wilson of Union Investment says: “With Two Grand Parade now fully under offer we have created an excellent mix of global and local occupiers. We are looking forward to welcoming PTC, Video Elephant and Azorra into the building”