The largest owner of offices and logistics assets in Dublin, IPUT plc, has pre-let the remaining 430,000 sq. ft. of office space at Wilton Park on a 25-year lease with a term certain of 12 years to LinkedIn.
Construction at Two, Three & Four Wilton Park will commence in 2020 and is targeted for completion in 2023.
The Wilton Park estate, in the Dublin 2 central business district, comprises the former Fitzwilton House, Wilton Park House, Gardner House, Lad Lane Apartments and their associated public spaces, including a one-acre park on the banks of the Grand Canal.
Wilton Park will deliver a total of over 600,000 sq. ft. of office, retail & restaurants together with space for 500 bicycles and 122 cars. Construction has commenced on the first phase, One Wilton Park, a 150,000 sq. ft. building which was fully pre-let to LinkedIn in 2018.
Wilton Park is part of IPUT’s current office development pipeline of approximately 700,000 sq. ft., which also includes the Tropical Fruit Warehouse on Dublin’s South Docks.
LinkedIn has also now agreed to pre-let the additional three inter-connecting office buildings, Two, Three & Four Wilton Park, comprising 430,000 sq. ft. Development of these buildings will commence in 2020 and are targeted for completion in 2023.
Two, Three & Four Wilton Park have a combined total floor area of approximately 450,000 sq. ft over six floors plus ground and lower ground floors. At ground level, the development includes a café, restaurant and retail facilities centred around a new public square and adjacent to the one-acre park which is also owned by IPUT.
The development has been designed to preserve the layout of the park including the existing central location of its fountain, its surrounding railings and tree planting.
Speaking this week, IPUT plc Chief Executive, Niall Gaffney said, "We are proud to partner with LinkedIn, a global technology brand that shares our ambition to sustainably develop a new destination in Dublin’s central business district. This major development will be a key driver of long-term returns for our shareholders. We are committing €350 million to the development of the Wilton Park estate which, on completion, will have a value of over €750 million."
He added, "Centred around a one-acre restored park, this landmark development is an opportunity to set new standards for place-making in Dublin. Incorporating a new public square and a carefully landscaped streetscape, we will create a new sustainable environment for both work and leisure, incorporating curated food halls and a variety of dining spaces."