Tristan Capital Partners has acquired the development site for what is to be Dublin’s tallest office building from Ireland’s National Asset Management Agency (NAMA).

Purchased through a joint venture between European Property Investors Special Opportunities 4 (EPISO 4) and SW3 Capital, the Point Square site in the Irish capital was intended to be the site of Dublin’s tallest office tower. Unfortunately, businessman Harry Crosbie failed to make to project, then named the Watchtower, materialise. Eventually the site and project came under control of NAMA.

Tristan Capital has now agreed a deal with joint receivers Stephen Tennant and Paul McCann of Grant Thornton to buy the site in the North Docks area of the city. The new project, now renamed The Exo Building, will create 169,150sq ft of prime office space in a desirable location, and is sure to prove a valuable asset to the city. Further development of the Dublin Docklands strategic development zone is also a longstanding and major priority for NAMA themselves, which at one point held an interest in 75% of the 22 hectares of developable land in the area; hence their interest in the site and willingness to invest funds.

With the purchase of the site having been completed in late December and development finance now available to begin construction, work is expected to start before the end of the month and conclude in the first quarter of 2020. In line with this target, Savills and CBRE have been instructed to pre-let the building to prospective tenants.

Peter Mather, Managing Director of Investments at Tristan Capital Partners, commented, “Brexit has amplified Dublin’s status as a sought-after destination with strong economic growth and continued foreign investments into Ireland.”

Sam Bonson

Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor as he continues to expand his horizons.
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