LinkedIn Signs 150,000 SF Lease at New Building in Dublin
LinkedIn, a subsidiary of Microsoft Corp., signed a 25-year lease at One Wilton Park. Construction commenced on the nine-story office building in June 2018.
DUBLIN—LinkedIn has pre-leased a 150,000-square-foot office building being developed by IPUT PLC at the former Fitzwilton House that is currently under construction here.
LinkedIn, a subsidiary of Microsoft Corp., signed a 25-year lease at One Wilton Park. Construction commenced on the nine-story office building in June 2018. The building is scheduled to be completed in the fourth quarter of 2020.
Dublin is LinkedIn’s EMEA (Europe, the Middle East and Africa) headquarters where it currently employs more than 1,200 workers. LinkedIn, which has its US headquarters in Sunnyvale, CA, is the world’s largest professional social network with more than 575 million members in more than 200 countries and territories.
The lease deal has given the green light to IPUT to move forward on the remainder of the Wilton Park development located between Baggot Street and Leeson Street Bridges, an area currently occupied by major technology, finance creative companies.
IPUT says it intends to submit a planning application later this year for the re-development of the remainder of its estate at Wilton Park which includes Wilton Park House and Gardner House, plus their associated public spaces. IPUT has already concluded an initial capital improvement program of to the park. Upon completion, the project will total 600,000 square feet of office space.
“The pre-letting of One Wilton Park to LinkedIn is hugely significant for us and represents one of the largest pre-lets in the Dublin office market,” says IPUT CEO Niall Gaffney. “One Wilton Park will deliver a projected income yield on cost of in excess of 9% and brings the total value of new leases signed over the last 12 months to over €20.5 million (approximately $23.6 million). This pre-letting is an important milestone in the delivery of the plans we have for Wilton Park and will support continued growth in the dividend we pay to our shareholders.”
IPUT plc has a portfolio of 94 properties and a net asset value of €2.45 billion ($2.8 billion). The company owns 2 million square feet of office space in Dublin’s CBD.