In hindsight, the name Phoenix House has proven particularly apt: rising from the crash, Cork’s €20m-plus Phoenix House third generation office building a mile from City Hall has secured its first, sizeable tenant, Regus — almost 10 years after it was built.
Global provider of flexible office workplace Regus is set to move into the top floor of the 100,000 sq ft Phoenix House on Monahan’s Road, which links the city centre to the Atlantic Pond.
It’s set on the city end of a new ‘tech corridor’ being worked on by Cork City Council, to link the growing city IT firms/hub with a clustertech hub now well established in Mahon, around City Gate.
Coincidentally, that proposed route will now have Regus on both ends.
Regus has had a Cork base in Mahon for the past eight years in the JCD-developed City Gate.
Its now doubling its Cork presence, to enable it to cater for up to 300 users in a range of fully-serviced workspaces, spanning private offices, open space for collaboration, conference and training facilities, co-working, and virtual office services.
It already has seven offices in Dublin, one in Castletroy, Limerick, and another due to open in Limerick’s Riverstone House, according to its website.
Market-leader Regus currently is in 3,000 locations, in 900 cities in 120 countries, and serves 95% of Fortune 500 companies globally says Cork Regus manager Emmet Foley, preparing to open Ireland’s 12th Regus centre now in Monahan’s Road.
Spaces can be rented by the hour, day, week or year, 24/7, and the Regus centre in Phoenix House will incorporate up to 15% of co-working space, “the only such innovative space in Cork dedicated to providing a more collaborative and creative working atmosphere than a traditional office environment,” he says.
The deal was done by joint agents Niall Guerin of Savills, and Edward Hanafin of Lisney, who note Phoenix House provides both immediate supply, and scale, and say they are talking to several other companies about locating here, with space from 5,000 to 80,000 sq ft.
Quoted rents are c €12 per square foot, and all floors are ready for fit-out, with 80 basement parking spaces and more surface level parking to follow.
Regus is taking 13,000 sq ft on the top floor from developers Monahan Road Developments, in the third generation office building pitched at ‘flexible working’ and giving instant landing space for new arrivals, to include 50 offices, meeting rooms, canteen, services and video conferencing.
Fit out is currently advanced, at a likely cost of €65/75 psf.
Existing and targeted Regus users include local small businesses, start-ups, sales and remote workers, to large corporate customers set to open satellite offices and grow footprint in Cork’s resurgent tech hub.
Adjacent to Phoenix House is Tellengana House, a 55,000 sq ft building privately developed by SHUL and occupied by hedge-fund/financial services company Citco Global Services.
The hinterland between the Blackrock Road and Centre Park Road comprises some of the earliest, delivered development of Cork’s south docks renewal campus, a masterplan hit by the economic crash and global recession post-2008, and now finding its feet again after the arrival of the €55m, fully-occupied JCD developed One Albert Quay.
Regus’s Mr Foley described Phoenix House as “an exciting addition to our network at City Gate, the demand for which has been so strong with a high level of occupancy since it opened in 2008.
"Phoenix House will offer a new strategic, professional and city centre address to companies of all sizes, no matter their activities or stage of development.”
A recent Regus study finds “that 76% of workers in Ireland thought that flexible working made employees more productive, and 71% said it fostered creative thinking which is why we are delighted to bring the co-working office space to Cork,” adds Mr Foley.
Just-commenced and planned public realm investments by Cork City Council at Marina Park/Monahan’s Road and linking two tech hubs aim to attract jobs to Docklands.
“This is evidenced by the significant investment by Regus in leasing and completing the office space particularly using the co-working model where both established tech companies and also startups can coexist in the same space and collaborate with each other,” according to City Hall engineer Seamus Coghlan and Pat Ledwidge, director of services in strategic planning and economic development.
Details: www.regus.ie, Savills 021-4271371, Lisney 021-4275079
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