Union Investment is starting a major redevelopment of the office complex at 4+5 Grand Canal Square in Dublin. The ensemble consists of two self-sufficient buildings connected by a large, central atrium and is located in the heart of Dublin's South Docklands, a top address on the Irish office market. Union Investment is investing around EUR 70 million to create state-of-the-art workplaces with a focus on sustainability. Completion is scheduled for 2027. The building has been part of the portfolio of the open-ended real estate fund UniImmo: Europa since 2015.
"4+5 Grand Canal Square is one of Dublin's best-known office buildings. Its redevelopment represents a significant investment in the future of Dublin's South Docklands. By retaining the existing structure and redesigning it, we are setting a new benchmark for low-CO2 project developments in Dublin. We are convinced that 4+5 Grand Canal Square, with its exceptional location and high-quality finishes, will offer one of the most attractive workplaces in Europe when it is completed in 2027," says Seb Wilson, Asset Manager at Union Investment. The office space will be leased by Savills and Cushman & Wakefield.
In the seven-storey, fully glazed atrium, a so-called "Collaboration Street" is being created, multifunctional spaces that enable flexible, collaborative working. There will also be a café with outdoor seating, a private gym including a wellness area and a business lounge on the ground floor, from which you can look out over a communal roof terrace with panoramic views of the Grand Canal. The building will be fully electrified, hot water and heating will be operated by heat pumps. In combination with photovoltaics on the roof and green energy from the grid, the building meets high sustainability standards.
4+5 Grand Canal Square has a lettable area of around 23,000 m² and was fully let to Meta's European headquarters until July 2023. At that time, the technology company moved into its new campus in Ballsbridge before the regular lease expired. Union Investment used the tenant's move-out to create a completely new concept for the building. In the past two years, the plans have been concretized together with architects and the building permit has been obtained. Walls Construction, as a leading construction company, has now started to construct the best-in-class office building.
