The Irish Pension Unit Trust is cashing in on a refurbishment programme at 2 Shelbourne Buildings at Shelbourne Road in Ballsbridge, Dublin 4.

Only weeks after upgrading the two adjoining buildings, the fund has leased one to IBM and agreed to let 40 per cent of the space in the second block to two more companies. One new tenant, Mediolanum Banking Group, is to rent 929sq m (10,000sq ft).

IBM is understood to be paying around €322 per sq m (€30,000 sq ft).

IPUT is believed to have negotiated a surrender payment of around €2.5 million with a previous occupier, Progress Software, which ended up occupying a small section of 1 Shelbourne Buildings. The fund then spent the same amount on a general upgrade of the two blocks.

Shane Duffy of BNP Paribas Real Estate is handling enquires about the remaining space in the second block.