The State is to rent another Dublin office block to meet a growing demand for space from the public service. The latest search for low-priced accommodation by the Office of Public Works is being concentrated on the semi-State sector. The ESB has agreed in principle to assign the lease of Timberlay House, at 79/82 Lower Mount Street, Dublin 2, to the OPW. It is understood that it will be used by the Department of Justice to process documentation regarding the refugee population in the city.
The ESB leases the 34,357-square-foot block under a 35year lease from 1980 at £360,000 per annum. Two of the five floors have been used as a training workshop and will have to be upgraded by the OPW. The building is owned by the Irish Pension Fund Property Unit Trust.
About 18 months ago, the ESB also assigned the lease of an adjoining building with 26,000 square feet to the OPW. It is now occupied by the Department of Finance. Sherry FitzGerald is understood to be advising the ESB on the current assignment.
Although the OPW was initially reluctant to pay the going rent of £16 a square foot for new or refurbished offices, it now has no option but to do so when looking for high quality space in the city centre. It is currently negotiating to take over the lease of Ossory House, at Leeson Street, for the Ombudsman's office. The rent in this case for the 21,000 square feet of space will equate to almost £16 per square foot.
