JP MORGAN IS set to buy 200 Capital Dock on Sir John Rogerson’s Quay in the heart of Dublin’s Docklands.
It will include 345,000 sq ft of office space across 100, 200 and 300 Capital Dock and 190 rented residential units.
The construction of ‘200 Capital Dock’, an office building of c. 130,000 that will be able to accommodate 1,000 workers, is expected to be completed in the third quarter of 2018.
The deal, which was agreed with Kennedy Wilson in a joint venture with Fairfax Financial Holdings Limited and NAMA, is thought to be part of JP Morgan’s expected plans to create 500 new jobs in Dublin. The US bank currently employs 500 people in the Dublin.
JPMorgan’s head of investor services, James Kenny, told The Financial Times that “growth plans are driving our real estate plan”, adding that Ireland has a “very flexible immigration policy”.
The binding constraint in Ireland isn’t really around the supply of qualified people; it’s around infrastructure — the infrastructure in the city, the supply of housing . . . the capacity in the school system, the domestic transport infrastructure.
Senior country officer for JP Morgan in Ireland, Carin Bryans said, “Dublin has the vibrant business and technology communities that suit a global firm like ours.
“Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union.”
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