IN ONE of the largest pre-letting office deals so far this year, Houghton Mifflin Harcourt (HMH), the US education publisher, has completed contracts to rent a substantial part of the new Trinity Central office development along Pearse Street in Dublin 2.
HMH’s announcement that they would be moving into the Trinity block this summer came in the same week that Cork-born financier Barry O’Callaghan resigned as chief executive of the company that he helped to create through two multi-billion-dollar mergers. He originally founded the e-learning company Riverdeep.
HMS plans to build up its staff numbers in Dublin to over 400 in the next two to three years. The company has taken a 14-year lease of 4,180sq m (44,993sq ft) with a break option at the end of year seven.
HMS is to pay a rent of €376 per sq m (€35 per sq ft) but will get an 18-month rent-free period and also a contribution towards fit out costs.
Trinity Central will have an overall floor area of 35,023sq m (37,6984sq ft) and is being developed on a joint venture basis by the university and PJ Walls Holdings.
When completed later this year, it will be home to the 20,438sq m (220,000sq ft) Trinity College Bio-Sciences Institute.
An impressive new entrance onto Pearse Street will include a mixture of retailers, restaurants and coffee shops ranging in size from 79sq m (850sq ft) to 256sq m (2,756sq ft).
The office complex stands on a site that was originally sold around 25 years ago and was used as a surface car park for many years.
Joint agents Murphy Mulhall and Jones Lang LaSalle advised PJ Walls while BNP Paribas Real Estate advised HMH.
James Mulhall of Murphy Mulhall said the high quality of the building, the efficiency of the floor plates and the strong track record of Walls helped to land the deal. The location of the building close to so many transport links also greatly helped.
