Construction works, led by Walls following a competitive tender process, will begin this week with the redevelopment being managed by Lafferty. The scheme is targeting completion for early 2027 with an estimated construction value in the order of €70,000,000.

The 18-month programme will transform the building into 250,000 sq ft of premium, sustainability-led workspace at the heart of Dublin’s South Docklands; where Savills and Cushman & Wakefield have been appointed as joint letting agents. Key features of the redevelopment include:

• Two prominent receptions located at Grand Canal Square and Cardiff Lane.
• Tenant amenity focus, with c.12.5% of the building dedicated to services including a business lounge, ground floor café with external seating, flexible workspace, a private gym and wellness suite, and a communal roof terrace with panoramic waterfront views.
• A striking seven-storey glazed atrium, incorporating a Town Hall and ‘Collaboration Street’ to support flexible, collaborative working.
• Next-generation sustainability credentials: targeting BER A3, LEED Platinum, SmartScore Enabled and WiredScore Platinum.
• First-of-its-kind embodied carbon savings – 80% lower carbon emissions than a comparable new build, achieved by reusing the existing structure and materials. Once operational, the building will run entirely on 100% wind power.
• Priority for commuters with dedicated bike entrance, secure bike storage, changing rooms, shower facilities, and basement car parking.

The scheme will also deliver enhanced public realm and landscaped external spaces at street level, creating a benefit for the wider community as well as occupiers.

This investment comes at a pivotal moment for Dublin’s office market. Historically, the city has carried between 3–4.5 million sq ft of new office development at any one time. By mid-2026, this is forecast to fall below 500,000 sq ft. 4/5 Grand Canal Square is the only speculative new office scheme targeting delivery in 2027, making it a unique opportunity for future-focused occupiers.

Commenting on the announcement, Seb Wilson, asset manager for Union Investment, said:

“4/5 Grand Canal Square is one of Dublin’s most prominent office buildings and this refurbishment represents a significant investment in the future of the city’s business district. By retaining the existing structure, and reimagining it to the very highest sustainability standards, we are setting a new benchmark for low-carbon development in Dublin. With its exceptional location, premium amenity offering, and best-in-class environmental credentials, we believe 4/5 Grand Canal Square will be one of the most attractive workplaces in Europe when it completes in 2027.”