Having lain dormant since its completion, Fibonacci Square, the 35,926sq m (386,704sq ft) office scheme developed by Johnny Ronan’s RGRE as part of Meta’s European headquarters in Ballsbridge, Dublin 4, is on course to secure a number of occupiers.
Both Griffin Aviation and Orix Aviation are understood to be looking to sublet space from the social media giant for up to 300 workers between them over two floors in Block 2 of the development, which is now known as Fibonacci Place. Griffin is said to be in talks for the sixth floor, which extends to 1,182sq m (12,731sq ft), while Orix is seeking in excess of 1,858sq m (20,000sq ft) on another of the building’s floors to accommodate its employees.
News of the negotiations comes just one week after National Bank of Canada signed a deal to sublet the fifth floor at Block 2 from Meta for its new Dublin headquarter offices. The bank has taken up the remaining 12 years of Meta’s lease and has committed to paying the original passing rent of €59.50 per sq ft. The fifth floor extends to 1,944sq m (20,926sq ft) and comes with the benefit of a 465sq m (5,000sq ft) balcony overlooking the RDS and 10 car-parking spaces. Cushman & Wakefield brokered the deal on behalf of Meta while Bannon represented National Bank of Canada.
While the arrival of three tenants at Fibonacci Place will be welcomed by the market, coming as it does nearly three years on from Meta’s decision not to occupy the scheme itself, the vast majority of its space remains to be let.
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The prospects for the Ballsbridge development should improve further over the coming year as Dublin’s supply of newly developed, highly sustainable office stock reduces. Some 76 per cent of the 165,000sq m (1.78 million sq ft) of office space under construction for the period 2025-2027 was already pre-let or reserved by the end of June this year, according to Cushman & Wakefield.
