The fast-growing Friends First has experienced early success with its newly-refurbished office building at 23 Shelbourne Road in Ballsbridge, Dublin 4.

After upgrading the building and providing additional facilities for staff including new changing rooms, showers, locker and drying rooms as well as bicycle storage, the property fund has attracted two new high-calibre tenants, Belgian state-owned Belfius Bank and Ikea's treasury section known as FAMI. The two companies are understood to have agreed rents of €49.50 and €52 per sq ft.

Lisney is to begin a marketing campaign to find tenants for the remaining 1,990sq m (21,424sq ft), which is available in suites ranging in size from 127.6sq m (1,373sq ft). The rent being quoted is €49.50 per sq ft.

Friends First holds 23 Shelbourne Road in its Irish Commercial Property Fund, which has delivered a return of 13.38 per cent over the past year, the top performer in its peer group.