Urbeo and Starwood Embark on €85m Dublin Office Upgrade

Urbeo and Starwood, the owners of Dublin's North Dock office scheme, are undertaking substantial upgrade works to enhance the building's amenities and improve its finish. The project, led by Henry J Lyons Architects and Savills, will include a comprehensive Cat A fit-out program, upgrading end-of-journey facilities, and renovating the front-of-house landlord areas. The goal is to bring the building to best-in-class standard and capitalize on the robust demand for high-quality office space in Dublin.

In the heart of Dublin's thriving North Docklands, the owners of the North Dock office scheme, Urbeo and Starwood, are leaving no stone unturned to enhance the property's appeal and bring it to best-in-class standards. Led by Henry J Lyons Architects and Savills, the substantial upgrade works aim to improve the building's amenities, finish, and overall quality [1].

The project encompasses a comprehensive Cat A fit-out program, which involves upgrading the building's services, lighting, and flooring to meet modern standards. End-of-journey facilities, such as bathrooms and changing rooms, will also undergo renovations, ensuring a comfortable and convenient experience for tenants and visitors. Additionally, the front-of-house landlord areas will be refurbished to create a more inviting and professional atmosphere [1].

The decision to undertake these upgrade works comes amidst robust demand for high-quality office space in Dublin. With tenants like Gilead Sciences, Interactive Brokers, and Blueface already occupying the premises, the goal is to capitalize on this demand and secure new tenants, thereby enhancing the property's value and appeal [1][2].

The North Dock office scheme, developed by Targeted Investment Opportunities (TIO), an umbrella fund involving Nama, Oaktree Capital, and Bennett Construction, is spread across 18,766 sq m (202,000 sq ft) in total, distributed between North Dock One (8,826 sq m/95,000 sq ft) and North Dock Two (9,940 sq m/107,000 sq ft) [1].

Although the TIO consortium had initially put the offices on the market last August for €155 million, they failed to receive a bid. However, with the upgrade works underway, the property is expected to attract renewed interest and potentially fetch a higher price [1].

References:

[1] Irish Times. (2023, May 29). Dublin docklands office to undergo substantial upgrade works. Retrieved from https://www.irishtimes.com/property/commercial-property/2023/05/29/dublin-docklands-office-to-undergo-substantial-upgrade-works/

[2] Irish Times. (2022, June 8). TIO secures two new tenants for North Dock office scheme. Retrieved from https://www.irishtimes.com/property/commercial-property/2022/06/08/tio-secures-two-new-tenants-for-north-dock-office-scheme/