Baggot Plaza was acquired in June 2014 as part of a larger portfolio purchase.
Location
Dublin, Ireland
Property Type
Office
Sq. Feet
129,300 sq ft
Baggot Plaza Story
At acquisition, Baggot Plaza, which dated from the 1970s, was functionally obsolete. Kennedy Wilson implemented a value-add asset management strategy which included redeveloping the asset using the existing frame and extending the floorplates, creating an additional 37,700 sq. ft. to the existing 91,600 sq. ft. office building, bringing the total redeveloped area to 129,300 sq ft.
After completing the redevelopment, Kennedy Wilson agreed to a pre-lease with the Bank of Ireland for a 25-year lease (20-year term certain) to occupy the entire building at a headline rent of €47.50 psf, resulting in a stabilized yield on cost of 8.6%
In 2017, Baggott Plaza was awarded Gold certification for the LEED Core and Shell rating system.
