Following the recent completion of the 20 Kildare Street office development, Kennedy Wilson has signed three new leases with blue chip tenants for a total of approximately 50,000 square feet of space with an average length of 12 years.
The overall project is now 76% occupied to Dentons, Aircastle, and a global investment management firm, with Dentons also taking the largest of the Georgian buildings, No. 21.
The historic redevelopment in the heart of Dublin’s historic business district is expected to generate a yield on cost in excess of 7% when the remaining 16,000 square feet is leased and the project is fully occupied.
“We are thrilled to bring this landmark office redevelopment to completion and to attract three top-tier occupiers in short order, which speaks to the continued demand for efficient, intelligent buildings that enable collaboration, connectivity, and promote the well-being of occupiers,” said Kennedy Wilson President Mary Ricks. “20 Kildare Street truly represents the best of both worlds – a heritage feel with a functionality of modern space – and it speaks to Kennedy Wilson’s dedication to sustainability and historic preservation, as well as the emphasis we place on retaining the historic fabric of communities as we creatively repurpose buildings.”
Kennedy Wilson embarked on the redevelopment of 20 Kildare Street in 2017 after assembling a portfolio of existing properties, including four Georgian buildings on Kildare Street, that date back to the 1750’s. Kennedy Wilson secured new entitlements for the project, which included restoring the historic facades of the Georgian buildings and constructing a new triple-height glazed atrium to seamlessly connect the street side buildings and ground floor reception with external landscaped courtyards and seven stories of Grade A office space tucked behind. A new terrace on the sixth floor provides unrivaled views of St. Stephen’s Green, the Shelbourne Hotel, and the National Museum.
Sustainability, smart building technology, tenant wellbeing, and quality finishes are at the forefront of this 65,000 square-foot development. The Kennedy Wilson team secured leading sustainability credentials LEED Gold and WiredScore Platinum, and are targeting WELL Gold certification at 20 Kildare Street.
The completion of 20 Kildare Street builds on Kennedy Wilson’s track record of leasing up developments ahead of business plan. The milestone comes on the heels of stabilizing Ten Hanover Quay at Capital Dock, a 69,000 square-foot office redevelopment, earlier this year.