Kennedy-Wilson Holdings, Inc. (NYSE: KW) and its 40% joint venture partner, National Asset Management Agency (NAMA), have confirmed a full-building lease with a global occupier after the recent completion of the Ten Hanover Quay office development at Capital Dock. Both partners have inked a new 15-year lease, with a tenant break option at year 12.
The lessee will occupy 68,300 square feet over seven levels at the waterfront, a Class-A industrial warehouse office redevelopment in the center of Dublin, Ireland, which combines traditional characteristics with modern office space. Ten Hanover Quay is estimated to earn a yield on cost of more than 6% under the new lease.
Ten Hanover Quay was built in the 1780s and was originally used as a warehouse and stables. Following the site's purchase in 2017, Kennedy Wilson, in collaboration with NAMA, renovated it into a one-of-a-kind, modern, large-floor-plate office building with a rooftop patio that integrates modern design by OMP and Mola Architecture with the greatest preservation features. The contractor was John Sisk & Son.
Furthermore, with its outstanding public amenities, contemporary place making, and recently recognized ISO certifications, the company is thrilled to lease Ten Hanover Quay, concluding its modern Capital Dock campus, said Ali Rohan, Head of Ireland at Kennedy Wilson. The financial and tech industries are strongly represented in the Docklands, which has increased demand for intelligent buildings that facilitate collaboration, communication, and occupant wellness.
"Ten Hanover Quay is a modern new building positioned on the Dublin waterfront and created with our collaborators Kennedy Wilson," said John Collison, NAMA's Chief Commercial Officer. We are thrilled that this high-quality building has been fully leased, as it demonstrates the Dublin Docklands office market's sustained strength."