Skip to main content

Kennedy Wilson Signs Largest Dublin Office Lease This Cycle at Capital Dock Development

Remaining 216,000 sq ft of Grade A office, now 100% leased

Entire 690,000 sq ft development on track to complete by end of 2018

BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- Global real estate investment company Kennedy Wilson (NYSE: KW) in a joint venture with Fairfax Financial Holdings Limited and the National Asset Management Agency (“NAMA”) announces that Indeed, the world’s #1 jobs site, is to become the second major occupier to commit to the highly-sought after Capital Dock campus development. This follows a forward funding sale agreement on the 130,000 sq ft 200 Capital Dock building to J.P. Morgan in May 2017.

Indeed has signed an Agreement for Lease to occupy the entirety of Buildings 100 and 300 Capital Dock, extending to over 216,000 sq ft of prime office accommodation. On completion, Indeed will enter 20-year leases with lease breaks at year 13, occupying the buildings on a phased basis.

“Growing our NOI by delivering our development pipeline alongside asset management wins continues to be our focus – Indeed’s commitment to Capital Dock sits at the heart of this strategy with this milestone signing of the largest office lease completed this cycle in Dublin,” said Mary Ricks, President and CEO of Kennedy Wilson Europe.

“In addition to our offices at Capital Dock being fully leased more than 12 months prior to completion, we will begin pre-marketing of the 190 luxury residential rental apartments in Q2 2018.

“We are excited to grow our multifamily business in Europe, providing the highest quality accommodation and amenities to cities with strong population growth. We aim to grow our portfolio to 5,000 units in the next few years, more than doubling from a base of approximately 2,200 units on completion of Capital Dock and Clancy Quay Phase III.”

Extending over 4.8 acres, Capital Dock is designed to meet the needs of the many rapidly expanding international businesses based in Dublin. Positioned on Sir John Rogerson’s Quay, in the heart of Dublin’s Docklands, Capital Dock is one of the largest single phase ground up developments to be delivered in Dublin with over 690,000 sq ft of new mixed-use space. The campus-style development is designed by award-winning Irish architecture firm O’Mahony Pike and will include 346,000 sq ft of office space across 100, 200 and 300 Capital Dock, capable of accommodating over 3,500 staff, and 190 high-quality multifamily units with waterfront views across three aspects, including a 23-storey tower marking the gateway to the city. Capital Dock will be one of the highest quality developments in Dublin, with LEED Gold certification.

The residents at Capital Dock will enjoy the signature Kennedy Wilson Residential range of amenities and professional services as part of their daily living along with 1.5 acres of new public space, retail and restaurant offerings. Kennedy Wilson has delivered a premium amenity offering in Dublin since 2012 and Capital Dock will provide a further elevated level of service.

About Kennedy Wilson

Kennedy Wilson (NYSE:KW) is a global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and commercial properties located in the Western U.S., UK, Ireland, Spain, Italy and Japan. To complement our investment business, the Company also provides real estate services primarily to financial services clients. For further information on Kennedy Wilson, please visit: www.kennedywilson.com.

About NAMA

NAMA [the National Asset Management Agency] is committed to facilitating the development of Grade A office space, commercial, residential and cultural accommodation in the Dublin Docklands SDZ [Strategic Development Zone] and works closely with joint venture partners, debtors and receivers with that objective in mind.

NAMA originally held an interest in 75% of the 22 hectares of undeveloped land in the Docklands SDZ. It is estimated that 4m sq ft of commercial space and in excess of 2,000 apartments will ultimately be delivered on the 15 sites in which NAMA originally held an interest.

About Indeed

More people find jobs on Indeed than anywhere else. Indeed is the #1 job site in the world and allows job seekers to search millions of jobs on the web or mobile in over 60 countries and 28 languages. More than 200 million people each month search for jobs, post resumes, and research companies on Indeed, and Indeed is the #1 source of external hires for thousands of companies (sources: SilkRoad & iCIMS). For more information, visit indeed.com.

Special Note Regarding Forward-Looking Statements

Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of U.S. federal securities laws. These forward-looking statements are estimates that reflect our management’s current expectations, are based on assumptions that may prove to be inaccurate and involve known and unknown risks. Accordingly, our actual results or performance may differ materially and adversely from the results or performance expressed or implied by these forward-looking statements, including for reasons that are beyond our control. Accordingly, you should not unduly rely on these statements, which speak only as of the date of this press release. We assume no duty to update the forward-looking statements, except as may be required by law.

KW-IR

 

Investors:
Kennedy Wilson
Daven Bhavsar, CFA
Director of Investor Relations
+1 (310) 887-3431
dbhavsar@kennedywilson.com
or
Press:
Kennedy Wilson
Q4 Public Relations
Martin Mackin
+353 1 475 1444
martin@q4pr.ie
or
NAMA
Gordon MRM
David Clerkin
+353 1 665 0450
david@gordonmrm.ie

 

Source: Kennedy Wilson

Contact

Kennedy Wilson
151 S. El Camino Dr.
Beverly Hills, CA 90212

Phone: +1 (310) 887-6400
Fax: +1 (310) 887-3410