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Transactions - DECEMBER 17, 2018

Google signs two offices around the world

by Andrea Zander

Google has signed for two offices around the globe.

Kennedy Wilson sold the South Bank House and The Warehouse, Dublin 4 to Google Ireland.

“Strong execution of value-enhancing asset management initiatives across both South Bank House and The Warehouse, alongside the thriving redevelopment of the Barrow Street area, have culminated in this successful sale,” said Alison Rohan, head of Ireland, Kennedy Wilson Europe. “It has been a pleasure to work with Google again and wish the team every success.”

Situated on Barrow Street in Dublin’s South Docks, South Bank House was completed in 2006 and provides over 62,000 square feet of grade A offices. The Warehouse sits on the waterfront to the rear of South Bank House and comprises a 19th century, three-story warehouse building over 19,500 square feet, that was extensively refurbished to provide modern office space. Both assets are leased in their entirety to Mason Hayes and Curran, a leading Dublin law firm with offices in London, New York and San Francisco.

“We are very pleased to complete the acquisition of South Bank House and The Warehouse on Barrow Street, which we’ve called home now for 15 years,” said Joe Borrett, director of real estate and construction of Google. “Google continues to be committed to Ireland and our real estate presence and portfolio continues to grow to meet the needs of our business.”

The two properties were acquired by Kennedy Wilson in July 2013 and sit adjacent to Boland’s Quay, a mixed-use development due to complete in first quarter 2020, which was also acquired by Google in May 2018.

And in the United States, Google signed a 180,000-square-foot lease for new office space at Trinity Hudson Holdings’ 345 Hudson Street, which will commence in 2019. The deal was announced by operating partner Hines, on behalf of a joint venture comprised of Trinity Real Estate and Norges Bank Real Estate Management.

The $1 billion Manhattan real estate expansion could add more than 7,000 jobs in the next several years. The campus will be focused around 315 and 345 Hudson St., where Google has signed lease agreements, and at 550 Washington St., where it has signed a letter of intent.

Called Google Hudson Square, it will be the primary location for its New York-based operations.

345 Hudson is one of 12 assets in the Hudson Square Properties joint venture. The buildings were built in the early 1900s to house printing presses and were redeveloped by Trinity into a hub for creative industries and businesses drawn to the large floor plates, flexibility of the lease space and energy of the neighborhood. As a prominent property owner for more than 300 years, and the largest and most-active owner in Hudson Square, Trinity played a vital role in shaping lower Manhattan.

Spanning the full block from King to Charlton Streets, 345 Hudson is near the Houston Street stop of the 1 subway and is in close proximity to Hudson River Park. The joint venture has been implementing a substantial capital improvement program throughout the portfolio, including lobby upgrades and new roof decks, in addition to other tenant and community amenities. With the Google lease, the 980,000-square-foot building is now 100 percent leased.

 

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