Hibernia leases big new Dublin building to burgeoning tech firm HubSpot
By Josh White
Date: Tuesday 13 Nov 2018
(Sharecast News) - Hibernia REIT has agreed to lease all the office accommodation at its 1 Sir John Rogerson's Quay (1SJRQ) property to HubSpot Ireland, an inbound marketing and sales software provider, it announced on Tuesday.
The London-listed real estate investment trust said HubSpot - which was already its tenant at One and Two Dockland Central, where it would continue to occupy 73,000 square feet - was taking a 20-year lease of 1SJRQ, with 12 years term certain, from June 2019.
It said the lease would covers 112,000 square feet and 31 parking spaces, on which HubSpot would pay - after a four month rent-free period - an initial rent of €6.8m per annum, equating to €59.75 per square foot for the office space.
The date of HubSpot's break options at Dockland Central had been extended by three and a half years to align with 1SJRQ.
Hibernia described 1SJRQ as a "high profile" riverside development, which was now reaching the final stages of construction.
When finished in early 2019 it would comprise 112,000 square feet of offices and 7,000 square feet of food and beverage space.
It was one of six adjacent properties owned by Hibernia which make up the Windmill Quarter in Dublin's South Docks, and which would total around 400,000 square feet of office space along with further residential, food and beverage, and gym areas when finished in early 2019.
"We are delighted to be letting 1SJRQ, our landmark building in Dublin's South Docks, to HubSpot, building on the strong relationship we have developed over the past three years," siad Hibernia's head of asset management Justin Dowling.
"With its distinctive restored tramway façade and Dockers Pub, 1SJRQ combines historic Dublin with class-leading new office space.
"We look forward to working with HubSpot to complete their new Dublin headquarters and to welcoming them to the Windmill Quarter."
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