Mark And BCP Test Dublin Market With €300M Grafton Place Sale
Investor Mark and BCP Asset Management are set to test the market after putting the €300M Grafton Place and 60 Dawson Street mixed-use scheme up for sale, according to The Sunday Times.
Completed in June, the building provides approximately 145K SF of office accommodation across five floors and approximately 46K SF of retail from the basement to the ground floor. It has over 360 feet of street profile overlooking Trinity College, Dawson Street and Nassau Street.
The office accommodation provides floor plates ranging from 13,500 SF to 28K SF, according to agent Knight Frank, with U.S. software giant ServiceNow occupying 88K SF, plus lettings by Pinterest and virtual reality company Sandbox VR.
A fund advised by Meyer Bergman, Mark’s previous company name, completed the €110M purchase of the original high street buildings and retail units across two separate transactions in June 2017 through Meyer Bergman European Retail Partners III, along with BCP Private Equity and BCP International Property Fund, advised by BCP Asset Management.
Indoor golf club Pitch has also signed a long-term 9K SF lease at Grafton Place as part of its entry into Ireland. Pitch has two clubs in central London in Soho and The City, with a third London site planned. It chose Dublin as the first location in its international expansion plan, led by sports entrepreneur Christopher Best.
Pitch’s proposition includes resident DJs, lounges, food and beverage, social spaces and a golf fashion concept store, in addition to virtual golfing bays.
“Grafton Place and Dawson Street is the destination of choice for leading brands and companies looking to Ireland,” Mark Managing Director of UK and Ireland Lily Lin said in a statement at the announcement of Pitch's lease. “It is market leading in build-quality, design, and sustainability standards – targeting LEED Gold and Well Gold certifications – and the calibre of tenants it has attracted is evidence of this.
“Dublin is one of Europe’s most resilient economies and its built environment must continue to adapt to the changing demands of today’s consumers and businesses driving economic growth.”
