Citigroup Inc. is launching its Dublin waterfront office as the lender searches for a new location in the city.
The six-story building at 1 North Wall Quay in Dublin’s Docklands is expected to fetch more than 120 million euros ($132 million), Knight Frank said in an emailed statement.
The bank has occupied the 230,000-square-foot office for more than 20 years and is already looking for a new address in Dublin, the broker said.
Citi will remain in North Wall Quay for some time after the building is sold while the new site is prepared. Whoever buys Citi’s current home could redevelop the site, Knight Frank said.
Dublin is the headquarters of Citibank Europe Plc, which has more than 2,500 employees in Ireland and offices in 22 countries across Europe. The move will be one of the most significant changes in the Dublin office market in the past two years, which has been hampered by the pandemic.
According to research by Knight Frank, companies rented 999,000 square feet of office space in the last three months of 2021. That was more than twice as much as in the previous quarter. The broker expects businesses to rent about 2 million square feet in 2022, up about a fifth from last year.
Lenders worldwide have reassessed their real estate balance sheets since the pandemic forced a shift to flexible working.
The US lender announced in January that it would completely refurbish its 42-story office tower in London’s Canary Wharf, with a focus on shared workspaces.
https://www.independent.ie/business/world/citigroup-kick-starts-sale-of-dublin-base-seeks-new-irish-hq-41477874.html Citigroup begins sale of Dublin base and seeks new Irish headquarters