The new guide price of €52 million reflects an increase in rent and new 10-year secure term.

The property was first launched to the market for sale in mid-February with a tenant break option in November 2023. However, following recent discussions between ByrneWallace and the landlord, Luke Charleton & Andrew Dolliver EY acting as Receiver, a lease extension has been agreed to April 2032 (with no break option) and an increase in the rent to €2.45 million per annum.

The €52m guide price will provide a net initial yield of 4.28% (after standard purchasers’ costs) and equates to €975 per sq ft.

87-88 Harcourt Street is a modern high quality office block extending to 53,312 sq ft. in a prestigious city centre location with all the amenities that has to offer. It is believed that was a major factor in the Firm’s decision to remain in its current location as well as the ability to continue to grow in a hybrid working environment from its existing premises. It is of distinctive design with a converted Georgian office to the front and a modern extension to the rear.

The front block, extending to 10,051 sq ft, benefits from extensive frontage onto Harcourt Street and features a unique copper clad roof and granite pillared portico entrance. Constructed in the early 2000’s, the modern section of the building to the rear, extending to 43,261 sq ft, benefits from exceptional natural light on all floors with views over the renowned Iveagh Gardens.

The regear highlights ByrneWallace’s commitment to building and the location.

According to Law Society data ByrneWallace was one of the fastest growing Law Firm in Ireland in 2021. The Firm has recently announced significant growth plans and expects to double its current workforce over the next 5 years from a staff of 300 to over 600 people. 

Fergus O’Farrell of Savills commented:

“The regear with ByrneWallace is an excellent outcome for all parties involved and highlights the quality of this asset, and the tenants continued long term commitment to the location”.