Stripe Agrees To Wilton Park Deal As Dublin Office Market Rebounds
Irish-founded fintech company Stripe has agreed a deal to relocate its Dublin headquarters to Wilton Park, the 580K SF office campus developed by Iput at Wilton Place, Dublin 2, according to The Times.
The payments platform resumed its search for new office space late last year and had considered both buying or leasing accommodation in the city before focussing on a sublease for at least 100K SF of space from Wilton Park’s current tenant, social media giant LinkedIn.
Stripe currently occupies circa 45K SF at the One Building on Lower Grand Canal Street, where its lease expires in early 2026. It plans to take on a section of Wilton Park’s four blocks, which are let in their entirety to LinkedIn on a 25-year term from January 2020. Blocks two and three became available for sub-lease or assignment in October 2022, after the company decided to scale back plans for its new EMEA campus.
The two buildings are circa 134K SF and 138K SF, respectively, and can be divided from 11.3K SF up to 270K SF, according to letting agent Colliers.
Wilton Park has been assembled by Iput over the past decade and in total comprises 600K SF of office development on a one-acre restored park. The 150K SF One Wilton Park completed in April 2022, with Two, Three and Four Wilton Park, totalling 450K SF, being completed on a phased basis between 2023 and 2024, the company said on its website.
At ground floor level, the development includes cafés, restaurant and retail facilities around a new public square, and the campus has been designed to standards including LEED Platinum, WiredScore Platinum, WELL Gold and a BER A3 Energy rating.
“We are delighted to welcome Stripe to the Wilton Park Estate alongside our existing occupier LinkedIn. Our vision for Wilton Park has been to create a vibrant and sustainable city centre neighbourhood offering occupiers and visitors leading office and retail amenities around a carefully restored one-acre city park. Wilton Park is a unique location and we believe this is recognised in attracting two of the world’s leading technology companies to the estate,” Iput Real Estate Dublin CEO Niall Gaffney said.
The news comes amid more positive commercial real estate updates in Ireland and Europe. EY Ireland is also looking to relocate its Dublin headquarters, Google is seeking up to 780K SF of data centres space, while M&G Real Estate recently called the bottom of the market for European property.
That increased optimism was reflected in provisional data from CBRE Ireland, which has reported that a total of €472M was invested in Irish commercial property in the second quarter over 24 transactions — the strongest quarter of investment spend in the Irish market since Q1 2023.
While for the second consecutive quarter the retail sector attracted the most capital, with approximately 30% of quarterly spend, the office sector saw the sale of what CBRE described as “the first truly core” Dublin office since 2022 with the sale of 40 Molesworth Street to Deka Immobilien for just under €40M.
The largest office deal for the period was the Elm Park Green Portfolio, sold by Starwood Capital for approximately €50M to the HSE, bringing the value of investment spend for offices to nearly 25% of the total in Q2.
“CBRE has visibility on several large-scale sales that should close in H2, across a variety of sectors. Hence, despite the generally negative sentiment around pockets of the commercial real estate market, it appears that the market troughed in Q1, and investor interest and transactional activity should continue to improve from here,” CBRE Ireland Director and Head of Research Colin Richardson said in a statement.
