Appeal of Park West has been greatly enhanced by reopening of Phoenix Park Tunnel
Globoforce, an Irish software firm that operates employee reward and incentive schemes for many of the world’s leading companies, is planning to move to a larger headquarters building in Park West beside the M50 in west Dublin.
The company has been based in a 929sq m (10,000sq ft) block in the park since 2006, but is now relocating to another building almost five times that size.
Initially it will occupy 3,716sq m (40,000sq ft) at a rent of €11 per sq ft, with the option of taking the remaining 875sq m (9,248sq ft) in the building.
The company employs over 400 people globally, with 270 of them in Dublin and the remainder at its co-headquarters in Southborough, Massachusetts.
The expansion by Globoforce has reinforced the recovery taking place in Park West after some difficult years for promoter Harcourt Developments and private investors who bought blocks during the property boom but were unable to avail of tax breaks because of the difficulty of finding IDA-approved companies involved in either IT or research. The fast improving market has meant that Park West has managed to sell or lease 25,776sq m (277,451sq ft) of office space in the past 12 months.
Even during the more difficult times the Allianz Group opted for this low-cost location to launch its Worldwide Care business in 2000. The company is now reported to have the largest health insurance business in the world after selling its services to multinationals and inter-governmental organisations. The company owns five office blocks in the park and rents a sixth, bringing its overall floor capacity to 10,219 sq m (110,000 sq ft). Its 900-strong staff includes 60 nationalities speaking 31 languages.
Chief financial officer Frank Mee said a city centre location in Dublin would be of no interest to them as the rents would be much higher. “There is no need for us to pay high rents….Park West is good value in that sense, and we have no intention of moving from here.”
Two recent arrivals in Park West, Monster Energy, a company manufacturing high-energy drink, and Sysnet Global Solutions, an online security firm, have signed leases for five and 10 years respectively in Block 71 along The Plaza.
Monster Energy rents 420sq m (4,500sq ft), while Sysnet occupies 1,672sq m (18,000sq ft) on a 10-year lease. Both companies are paying over €12 per sq ft.
The broad appeal of Park West on the side of the M50 has been greatly enhanced by the reopening of the Phoenix Park Tunnel. Before that commuters using the regular train service from Park West/Cherry Orchard to the city had to disembark at Heuston.
The new service takes commuters directly into the city centre and down to the Grand Canal Dock where many leading international companies are based, including Google and Facebook.
“Now, with a direct rail route right into the heart of the city, Park West is undoubtedly one of the most accessible business parks in Dublin,” says John Doherty, a director at Park West.