IPUT Real Estate Expands Portfolio with Two Prime Dublin Offices

Irish property investor IPUT Real Estate has acquired two prime office buildings situated on St Stephen’s Green, a central location in Dublin’s office district. The investments are part of the company’s strategy to expand its portfolio and cater to the growing demand for flexible office space.

One of the newly acquired properties is the former office of Ivor Fitzpatrick & Co, located at 44/45 St Stephen’s Green, which was put on the market in May with a guide price of €10 million. The late Mr. Fitzpatrick was a solicitor known for representing prominent property investors and developers. The second acquisition, located at 90-91 St Stephen’s Green, is currently occupied by Standard Life and backs onto Iveagh Gardens. Initially offered for sale during the Covid-19 pandemic in 2020 for €27 million, this property returned to the market in 2023 with a reduced guide price of €18 million.

The building at 90-91 St Stephen’s Green spans 26,600 square feet across four storeys and a lower ground floor, featuring a modern layout complemented by a mid-terrace Georgian facade. Despite the acquisitions, IPUT has chosen not to disclose the purchase prices.

In a statement regarding these acquisitions, Niall Gaffney, CEO of IPUT, emphasized the company’s focus on premium office locations in Dublin. “We are delighted to add 43,000 square feet on St Stephen’s Green to our portfolio,” he said. Gaffney also highlighted the value of offering flexible office conditions, stating, “We see sustained strong demand for highly amenitised workspaces.”

Under its Studio brand, IPUT is set to more than double the portion of its office space dedicated to flexible markets, increasing from 50,000 square feet to 108,000 square feet this year. This expansion will include over 16,000 square feet specifically allocated for amenities designed to enhance the work experience for tenants of Studio offices.

With these acquisitions, IPUT’s total office portfolio in Dublin’s central business district will now encompass 2.15 million square feet. Unlike many flexible and serviced office providers, Studio does not lease space by the desk. Instead, it provides fully-fitted office environments with a high level of amenities on flexible leases. Reports suggest that rents for these fully-managed offices can range from €150 to €200 per square foot, significantly higher than the approximately €60 per square foot for unfitted, unmanaged spaces under long-term leases in Dublin.

In addition to St Stephen’s Green, Studio plans to expand its offerings further at 2 Hume Street, Styne House, Two Riverside, and No 3 Dublin Landings. The expansion reflects a growing trend among office occupiers who prefer flexible office solutions as a way to mitigate long-term financial commitments typically associated with traditional leases, which can extend from seven to twenty years.

As the demand for adaptable workspaces continues to rise, IPUT’s strategic acquisitions and expansion plans position the company to meet the evolving needs of businesses in Dublin’s competitive office market.