Exchange building to be delivered ahead of schedule
Work on the first new building to be built in the IFSC since 2003 is nearly complete. The façade of ‘The Exchange’ building has been revealed and the Cosgrave Property Group, in partnership with IPUT plc, has now confirmed a completion date of September 28, which is ahead of schedule.
The first tenant to arrive at the 105,000 sq ft building will be the Food Safety Authority of Ireland (FSAI), who will occupy 19,000 sq ft across the first floor. A further 8,000 sq ft has been reserved on the ground floor. The FSAI is set to pasy a rent of €538 per sq m (€50 per sq ft) under a long-term lease with a break option in year 15. The FSAI currently has a staff of 104 based at the Abbey Court in the Irish Life Centre, where it pays a rent of €376 per sq m (€35 per sq ft). The lease is due to expire shortly.
Joint agents Savills and JLL are continuing to market the remaining 78,000 sq ft of space at the Exchange at a rate of €565 per sq m (€52.50 per sq ft). Upon delivery, the building will be capable of accommodating 1,200 employees, and have 37 car spaces and 133 secure bicycle spaces.
The Exchange is being developed by the Cosgrave Property Group with forward funding provided by IPUT plc and John Sisk & Sons as the main contractor. IPUT stands to earn a 6pc income yield once the new block is completed.
Designed by KMD Architects, The Exchange is a six-storey over-basement building with an imposing projected glass and granite façade, full floor-to-ceiling glazing and a full-height central atrium pouring natural light on to each of its six floors. Its upper floors will provide extensive views across the IFSC and the wider Dublin skyline.
Floor plates of 19,000 sq ft have been designed for maximum efficiency and flexibility, creating workspace with A3 energy efficiency which can adjust and split efficiently from 4,415 sq ft responding to the changing needs of business.
