AN international financial service fund with its Irish offices in Dublin and Cork has committed to take more office space in Cork, at the Cork Airport Business Park.
Funds services provider Alter Domus has agreed a letting of a substantial 20,268 sq ft at Building 2600 with landlords Yew Grove REIT, which allow for further expansion, capable of hosting several hundred Alter Domus jobs.
Yew Grove REIT bought the 41,000 sq ft Building 2600 last year for €7.5 million as this space was being vacated by another financial services firm, Clearstream DB who moved to the city docks' Navigation Square development, a location now also being eyed up by Apple.
The Luxemburg-headquartered funds' services company Alter Domus is currently situated at Building 4600 in Cork Airport Business Park, having opened its second Irish office there in 2017. Alter Domus Ireland started in Dublin in 2011.
Agents Savills Cork acted for Cork Building 2600's new owner Yew Grove REIT in the first floor 21,268 sq ft letting, getting a headline rent of 16.50 psf on a 15 year lease with break options at years five and ten. It includes 79 car parking spaces, rented at 200 each pa.
The lease term is 15 years with break options at 5 and 10 years at a headline rate of €16.50 per sq. ft. plus a licence for 79 additional car spaces at a rent of €200 per car space per annum. The lease facilitates Alter Domus' ongoing expansion of its Cork operations. Alter Domus is a leading provider of integrated solutions for the alternative investment industry.
Savills Niall Guerin and Emmet Finnegan said Alter Domus "have had a presence in Cork for a number of years and this announcement is a great boost for the wider Cork office market and the Cork Airport Business Park which is home to a wide range of international occupiers including Amazon, Open Text, Red Hat, Logitech and BNY Mellon."
Yew Grove also confirmed d two further new leases on smaller offices in the Bridge Centre, Tullamore, to An Post and Byron Distribution Ltd at €27/€28 psf.
Confirming two disposals also, Yew Grove said "the effect of these transactions is to increase the company's annual rent roll to €11.3 million and to reduce the vacancy by ERV from 7.2% to 3.9% of the company's portfolio."
Jonathan Laredo, Chief Executive of Yew Grove, said "despite all of the economic disruption and personal pain wrought by the Covid-19 pandemic, Ireland has shown its resilience, both economically, led by an outstanding performance from its export-led businesses and through effective control of the spread of infection. With the reopening of the economy and the prospect of vaccination programmes being rolled out from early next year, I look forward to the return of normality and a prosperous, less socially distanced 2021."