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17/02/2011
Google Buys Dublin's Tallest Building
A major real estate investment and development group have agreed the sale of Montevetro, Dublin's tallest commercial office building, to Google for €99.9m – cash.
Real Estate Opportunities plc (REO) said it was pleased to announce it had agreed the sale of the landmark 15-storey building.
Discussions with Google, one of the world's biggest computer companies, began in early 2010 focused on taking a lease of the building but late last year the discussions developed into those for an outright sale.
Completion of the transaction is expected in the near future.
The Montevetro development commenced in March 2008 and was completed in January 2011. It comprises 210,000 sqft of office space in Grand Canal Dock, Dublin 2. The building reaches 67 metres and is located near St Stephen's Green.
Commenting on the sale, REO Chairman, Ray Horney said: "We are very pleased to be able to announce Google’s purchase of Montevetro, Dublin’s tallest commercial office building.
"The transaction is one of the largest sales of commercial property in Ireland in several years and the company believes it has achieved a very good price in the current market environment.
"Google is an iconic name globally and its decision to buy Montevetro is good news for Ireland and we wish them every success in their new home."
REO also announced today that the international oil and gas exploration company Tullow Oil plc is to lease a total of 48,000 sq ft in the Central Park development in Leopardstown, Dublin.
A member of the FTSE 100 index, Tullow Oil will be located in Number One, Central Park, the newly completed, state of the art office block.
(DW)
Real Estate Opportunities plc (REO) said it was pleased to announce it had agreed the sale of the landmark 15-storey building.
Discussions with Google, one of the world's biggest computer companies, began in early 2010 focused on taking a lease of the building but late last year the discussions developed into those for an outright sale.
Completion of the transaction is expected in the near future.
The Montevetro development commenced in March 2008 and was completed in January 2011. It comprises 210,000 sqft of office space in Grand Canal Dock, Dublin 2. The building reaches 67 metres and is located near St Stephen's Green.
Commenting on the sale, REO Chairman, Ray Horney said: "We are very pleased to be able to announce Google’s purchase of Montevetro, Dublin’s tallest commercial office building.
"The transaction is one of the largest sales of commercial property in Ireland in several years and the company believes it has achieved a very good price in the current market environment.
"Google is an iconic name globally and its decision to buy Montevetro is good news for Ireland and we wish them every success in their new home."
REO also announced today that the international oil and gas exploration company Tullow Oil plc is to lease a total of 48,000 sq ft in the Central Park development in Leopardstown, Dublin.
A member of the FTSE 100 index, Tullow Oil will be located in Number One, Central Park, the newly completed, state of the art office block.
(DW)
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