With real estate markets both here and internationally facing up to the challenge presented by rising interest rates, the South Korean owners of No 2 Dublin Landings have instructed joint selling agents CBRE and Savills to hit the pause button on the proposed sale of their investment.
Having paid €106.5 million to acquire the north docklands building in November 2018, the real estate investment trust JR AMC had been preparing to bring the property to the market shortly at a guide of €140 million. One of five office blocks built by Sean Mulryan’s Ballymore in partnership with Oxley at their wider one million square foot mixed-use development, No 2 Dublin Landings extends to 9,300 sq m and is fully let to WeWork.
While the global flexible workspace provider has been paying a rent of €4.87 million annually since 2018, this figure is set to increase to €5.38 million in year five of its lease agreement.