Savills Ireland has completed the sale of 2 Dublin Landings, a prime long-income office investment in Dublin’s North Docklands, for over €50m.
The sale was completed on the instructions of James Anderson and the Deloitte restructuring team to the buyer MEAG, a German real estate asset manager.
2 Dublin Landings is a LEED Platinum and BER A3 certified office building, comprising over 100,000 square feet of office accommodation.
About 75% of the property is let to WeWork with vacant penthouse floors offering significant asset management opportunities.
The asset offers long term secure income, generating an annual rent in excess of €4m with a weighted average unexpired lease term (WAULT) to expiry of about 12 and a half years.
Savills Ireland acted on behalf of the vendor, whilst JLL Ireland represented the purchaser.
Seán Ryan McCaffrey of Savills said today’s deal underscores the strengthening investor sentiment for Dublin offices, supported by considerably improved occupational demand.
