Hines purchased PriceWaterhouse Dublin HQ
US property firm Hines has acquired PriceWaterhouseCoopers’ (PwC) headquarters in Dublin for €242 million.
Hines was expected to complete the deal for the 226,624 sq ft office block, located at One Spencer Dock D1, on a joint venture basis with two German pension funds.
However, according to a report in The Irish Times, Hines has decided against proceeding with the deal with officials from the company indicating the firm’s new take on the property.
The block on Dublin’s North Quays has been up for sale since last Autumn with the breakdown of the long-awaited deal coming as a surprise due to Hines’ lengthy due diligence process.
The office space is let to PwC on a 25-year lease, which has over 15 years left to run.
It is understood the lease includes upwards-only rent reviews every five years.
Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 182 cities in 20 countries and $89.1 billion of assets under management.
