Airbnb drops Ringsend lease for more office space on Hanover Quay
Online short-term rental company Airbnb has leased more than 3,715m² (40,000 square feet) of space in the Reflector office building on Hanover Quay, right next to its existing European headquarters, and plans to build a physical link between the two blocks.
In 2014, the company chose the Watermarque building in Ringsend as its European regional headquarters, and it retained these offices after expanding its current warehouse-style headquarters on Hanover Quay in 2016. The company now plans to end its lease at the Watermarque. and move. employees currently based there at the Reflector towards the end of 2019, once Dublin-based company Heneghan Peng has completed the fit-out of the new offices. An Airbnb spokesperson said the move would allow the company to have its Dublin team “more closely tied”, rather than continuing to occupy two offices some distance apart.
When completed, the company will occupy nearly 7,430 m² (80,000 square feet) of space on Hanover Quay, in the heart of Dublin’s so-called Silicon Docks. This is roughly four times the space it initially occupied when it opened its Dublin office five years ago, underscoring its rapid growth to date. The company said its new lease at Hanover Quay would not increase capacity, describing the move as a “comparable space swap.”
Seán O’Neill, managing director of Park Developments, developer of Reflector, said his company was “delighted to welcome Airbnb” as the building’s last tenant, after construction was completed last November.
The building has net office space spanning 11,451 m² (123,250 square feet) and is almost entirely leased by international occupants, including web designers Wix and software vendor LogMeIn.
Approximately 2045 m² (22,000 square feet) of space on two floors remains available, for which Agent Savills is seeking rents of € 60 per square foot. Recent rentals in the block ranged from € 55.50 to € 62.50 per square foot.
In addition to offices, the Docklands development also includes a restaurant on the ground floor and 40 apartments, which will be offered for sale by Lisney. This will be the second of two new housing projects launched in the Grand Canal Dock area since the real estate market started to recover in 2013.
The first, Hanover Lofts, offered one and two bed units priced at € 435,000 to € 695,000 and sold out quickly after its launch in 2017. Two years later, the Reflector Apartments are expected to attract even higher prices. high at their launch this spring based on last year’s sale of 120 units by Cairn Homes to Six Hanover Quay for an average of € 800,000 per unit to investor Carysfort Capital.