Irish Life has secured a high-profile occupier for a landmark office building it is developing on the site of the former Hainualt House on Dublin’s St Stephen’s Green.
US pharmecutical giant Horizon Therapeutics (formerly Horizon Pharma) is understood to have agreed a rent of in excess of €60 per sq ft for all 62,000sq ft of office space at No 70 St Stephen’s Green.
Conor Whelan and Lisa McInerney of QRE Real Estate Advisers and Matheson represented Horizon in the transaction while Anne-Louise Hannon and Mark Smith of CBRE acted along with William Fry for Irish Life.
No 70 St Stephen’s Green will be used as Horizon’s new global headquarters from mid 2021. It is understood the NASDAQ-quoted company has agreed to rent the property for a term of 20 years with a break option in year 10. Horizon will continue to operate in the interim from its existing global headquarters at Connaught House on Burlington Road in Dublin 4. The company currently employs around 100 personnel at its Dublin office with plans for continued growth.
The delivery of No 70 St Stephen’s Green marks Irish Life’s first property development in the capital in 20 years. Located on the site of the former Hainault House on the south side of St Stephen’s Green, the property adjoins the recently-developed Aercap House (formerly known as Canada House) and the Department of Justice.
Near zero-emission building standards
Designed by Wejchert Architects, the property will comprise 62,000sq ft of Grade A office space distributed across six floors, with a two-storey basement below. The building has been designed to incorporate sustainable energy systems to maximise the use of renewable energy, making it compliant with NZEB standards (near zero-emission building standards). The property is expected to achieve both LEED Platinum and WELL Certification.
Horizon Therapeutics, or Horizon Pharma as it was known formerly, is a NASDAQ-quoted company which is focused on researching, developing and commercialising medicines that address critical needs for peoples suffering from rare and rheumatic diseases. The company specialises particularly in treatments for arthritis, pain and inflammatory disease.
Horizon’s mission statement says: “Our pipeline is purposeful: we apply scientific expertise and courage to bring clinically-meaningful therapies to patients. We believe science and compassion must work together to transform lives.”
Horizon formally established its global headquarters in Dublin in 2015.
Press Release, Ronald Quinlan - The Irish Times