Citigroup Inc. has found a new home for its European headquarters in a new development in Dublin’s docklands, according to two people familiar with the matter.
(Bloomberg) — Citigroup Inc. has found a new home for its European headquarters in a new development in Dublin’s docklands, according to two people familiar with the matter.
The lender has agreed a deal with Johnny Ronan’s RGRE for 300,000 square feet (27,870 square meters) on Dublin’s north docklands area, according to one of the people, who asked not to be identified because the deal is not yet public.
The bank will pay about €100 million to acquire the site with a multiple of that being set aside for the construction of its new base, according to the Irish Times, which first reported the news.
A spokesperson for the bank declined to comment to Bloomberg on the matter.
Dublin is the headquarters for Citibank Europe Plc, which has branches in countries across Europe. The bank put its existing Dublin office of more than 20 years up for sale last year.
Citigroup Kickstarts Sale of Dublin Base, Seeks New Irish HQ
The move comes as economic uncertainty and job cuts in the technology sector stokes jitters about Dublin’s commercial property sector. Meta Platforms Inc. last month decided not to occupy part of its recently completed European headquarters in the city and will sublet some of the development.
Meta Plans to Sublet Part of Dublin Headquarters After Job Cuts
Even so the Dublin office market saw the strongest take-up volumes in 2022 since the start of the pandemic with activity increasing about 35% from 2021, according to CBRE Ireland. Professional, financial, pharmaceutical, and public sector tenants were the most active in the fourth quarter rather than tech, it said.
–With assistance from Jack Sidders.
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