US-headquartered investor KKR is closing in on a deal to rent just under 50,000sq ft of office space at Irish-founded technology company Intercom’s new headquarters on Dublin’s Earlsfort Terrace.
Although heads of terms have yet to be agreed between the parties, The Irish Times understands that KKR is intent on occupying the top three floors of the newly-developed Cadenza building. Should the deal proceed Intercom will assign part of its lease with the building’s owner, Irish Life, to the global investment firm.
Intercom agreed to pre-let the entire building on an 18-year lease prior to the arrival of Covid-19 in December 2019. While the company let 62 of its Irish-based employees go last year as part of a wider reduction of its 1,000-strong global workforce, it remains to be seen what bearing, if any, its plan to sublet just under half of its new Dublin headquarter office will have on its remaining headcount or future expansion plans.
While Intercom continues to occupy the former headquarter offices of the now-defunct Anglo Irish Bank on St Stephen’s Green, it is expected to move its operations to the Cadenza building later this year. KKR, for its part, is believed to have explored the possibility of relocating its current Dublin headquarter office from its existing base at 75 St Stephen’s Green to the Clancourt Group’s Park Place office scheme before deciding on the Cadenza instead.