MEAG has acquired One Molesworth Street in Dublin 2 from Henderson Park for an undisclosed price.
The seven-storey building provides approximately 8,350 sq m (circa 90,000 sq ft) of prime office and retail space and occupies a prominent corner position at Dawson Street and Molesworth Street in Dublin’s central business district.
The property is fully let to occupiers including Barclays, TD Global Finance, Simmons & Simmons, The Ivy Group and Boots.
Ronan Webster, managing director at Henderson Park, said: “With its exceptional location, best-in-class sustainability credentials, and a high quality, long-term tenant base, One Molesworth Street is a testament to the enduring appeal of Dublin’s prime office market to institutional buyers. We are pleased to have found in MEAG a buyer that shares our conviction in the long-term fundamentals of prime European offices, and we wish them every success with this outstanding asset.”
Katrin Hupfauer, head of real estate transactions at MEAG, added: “The purchase is in line with our clients’ needs of investing in office buildings situated in European prime locations with the aim of achieving well-calculatable steady cashflows. We consider high-quality office buildings in central locations in European cities with expected long-term demand to be a valuable long-term investment.”
Joseph Mulrooney, senior transaction manager at MEAG, said: “The office building impresses with its excellent location in the traditional CBD of Dublin. We have a strong conviction for anti-cyclical office investments, especially in prime locations and when they have a multi-tenant setup. We would like to thank the Henderson Park team for their trust and cooperation throughout this process.”
JLL acted as the selling agent for Henderson Park and A&L Goodbody provided legal advice. CBRE provided commercial advice to MEAG, Matheson provided legal and tax advice and Hollis provided technical advice.
