Pioneer is leasing three floors of thebuilding, totalling 49,944 sf on the fifth, sixth and seventh floorswith an option to be exercised by March 2002 to take a further 13,745 sfon a 25-year lease with a break clause at the 15th year. The rent is IR£38.50 ($53) per sf. It is also paying IR£2,750 ($2,200) per per annum for each of 40 car parking spaces.
Pioneer, which manages assets of €111 billion ($103 billion) globally and currently employsover 350 people in Dublin, is due to increase its employment substantiallyover the next two years.
'Pioneer's move underlines the fact that George's Quay is now firmlyestablished as part of the financial services centre of Dublin,' said TonyO'Loughlin, office director with Jones Lang LaSalle which negotiated the lettingon behalf of the developers, Cosgrave Property Group. The new five-storeyblock next door is being occupied by four other international financialservices companies.
'George's Quay is high specification office accommodation on the south bankof the River Liffey,' he added. 'It is right beside all the shopping andleisure facilities of the city centre as well as being at the core of itstransport links.'
'When the expansion resulting from UniCredito's purchase of Pioneer and theintegration with the bank's Dublin based asset management organisationnecessitated a new Dublin location, we considered a number of buildingsacross the city,' said Laurence McCabe of Ganly Walters Limited, propertyconsultants, which acted on behalf of Pioneer.
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