Quay is growth for new Navigation Square tenant Clearstream

Confirmation of the financial services firm Clearstream to over 70,000 sq ft, plus an optional extra of 20,000 sq ft more for 600 well-paid financial services jobs at Navigation Square on Cork city’s quays makes it one of the very largest-ever office deals in Cork city.

Quay is growth for new Navigation Square tenant Clearstream

The financial services company has €13 trillion in assets under securities custody, and its commitment to the new, under-construction office accommodation in Cork endorses and underpins the 350,000 sq ft, €90m office development by O’Callaghan Properties, with other significant FDI occupier deals in the wings.

Further, it provides a significant next step into Cork’s future docklands campus after One Albert Quay’s completion of 170,000 sq ft of offices, and will go on to support a wide range of city-based services — as well as fueling residential and rental accommodation demand.

Having bravely broken ground last year before any tenant was signed up for Navigation Square, O’Callaghan Properties MD Brian O’Callaghan yesterday said, “we’re delighted to be part of Clearstream’s expansion plans for Cork. The creation of 200 new jobs by Clearstream in Cork is a very important vote of confidence in the city and in the attractiveness of the Docklands as a place in which to do business.”

“Navigation Square is part of a much larger plan for the regeneration of Cork’s Docklands which will provide a fantastic opportunity to cater for the expansion of Cork over the next 20 years and we’re looking forward to being a part of this journey”.

Construction at Navigation Square commenced last autumn, with a tenant fit-out expected by year’s end following an on-schedule construction timeline with BAM, and Clearstream are to move 360 employes in by March 2019, with scope to add 200+ extra jobs.

Tellingly, the space being committed to, as much as 90,000 sq ft in block A, provides the Luxembourg-based giant with enough space and facilities for well over 700 employees.

Clearstream yesterday commented that it intends to grow to 600 over the next two years and that the “new premises have been selected in Cork city centre to accommodate the company’s current and potential future headcount needs... to allow for further growth and a competitive set-up in the future.”

The globally dominant financial market infrastructure provider Clearstream (transitioned to the Deutsche Börse Group in 2014) pushed employment at the Cork Airport Business Park from 274 to 362, and the company has a further back-up office in East Gate, Cork. Services to run from Cork include the group’s funds processing operations and product development activities, as well as accounting, finance, business management and IT

Tánaiste Simon Coveney TD said the investment “adds to the growing list of IFS clients locating projects of scale in regional locations and will act as a valuable reference site when marketing investment management activities in the South West Region.

Headline rents at Navigation Square are quoted at €32.50 psf, but terms agreed with Clearstream have not been divulged. Joint agents for Navigation Square are CBRE and Savills, and agent Niall Guerin of Savills comments: “this is a real boost for the city, it is a significant pre-let, amongst the largest in this cycle of the market – underpinning the strong demand for next generation office space in Cork.”

Details: Savills 021-4271371, CBRE 0214917255

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