Developer John Byrne’s Alstead Securities’ 160 Townsend is located in the heart of the city centre, close to Trinity College Dublin and Tara Street train station.
Enterprise Ireland CEO Jenny Melia
The property has up to 9,336.21 square metres (100,494 sq ft) available, which could accommodate up to 933 desks.
Property agent JLL’s website lists the rent as up to €65 per sq ft a year. Sources told the Sunday Independent that Enterprise Ireland is seeking to lease the entire office building, indicating a potential rent of over €6.5m per year for the agency.
However, it is understood that the amount set to be paid will be lower. A combination of factors would allow a lower rent, including a likely long-term lease and Enterprise Ireland renting the entire property.
Prime headline rents in Dublin currently stand in the region of €62.50 to €65 per sq ft, a JLL report published in Irish Independent last week said.
Property sources said the proposed deal is close to being fully signed off, with some standard legal negotiations continuing. Any move for Enterprise Ireland into the new HQ is unlikely until the back end of next year.
Move follows an exhaustive search for new offices across Dublin city
The potential move to 160 Townsend in Dublin city would bring Enterprise Ireland substantially closer to stakeholders, including the Government, the IDA, and business clients.
The move follows an exhaustive search for new offices across Dublin city, which included looking at Coopers Cross in Dublin’s North Docklands and the Tropical Fruit Warehouse on the Quays.
The state agency, led by chief executive Jenny Melia, hired commercial property agent CBRE. It had been weighing up a move from its current headquarters at EastPoint Business Park in Dublin 3.
Enterprise Ireland said it had no comment to make at this time.
CBRE declined to comment.
The proposed move by Enterprise Ireland comes as Dublin’s office market reports a healthy start to the year.
Preliminary research by JLL showed that take-up of space totalled 396,095 sq ft across 45 transactions during the first three months.
Relocations to new offices dominated, accounting for 60pc of take-up.
In terms of the drivers of activity, relocations to new offices dominated, accounting for 60pc of take-up.
The two largest lettings of the quarter were MetroLink’s occupation of 50,080 sq ft on two floors of Building 2, at Kennedy Wilson’s Coopers Cross, North Docklands and Rippling’s taking of 32,523 sq ft on two floors at 1 Cumberland Place, Fenian Street, Dublin 2.