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Google buys landmark Dublin offices

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The 15-storey Montevetro building on Barrow Street, Dublin, which Google has bought for almost 100 million euro

The 15-storey Montevetro building on Barrow Street, Dublin, which Google has bought for almost 100 million euro

The 15-storey Montevetro building on Barrow Street, Dublin, which Google has bought for almost 100 million euro

Google has bought Dublin's tallest commercial office building for almost 100 million euro.

The global internet search engine firm snapped up the landmark 15-storey Montevetro development, which had been on the books of the State's bad bank.

The National Asset Management Agency (Nama) would not disclose the profit it made on the deal, but confirmed it recovered in excess of the combined amount of the money paid to acquire the loan and additional funding spent to complete the building at Grand Canal Dock.

Chairman Frank Daly said the successful completion and sale of Montevetro reflects the positive potential of Nama to support the commercial property market in Ireland.

He said: "Nama played an intrinsic part in brokering the deal between purchaser and seller and in putting this deal together.

"I believe the sale of a building of the size of 210,000sq ft will be seen as a very positive sign for the future of the Irish commercial property market."

Construction work on the landmark building started in March 2008 but the finance for the project has been overseen by Nama since last April.

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It was developed by Real Estate Opportunities (REO), the property investment and development group, and reaches 67 metres high.

The 99.9 million euro sale of Montevetro to Google was agreed after year-long discussions between the multinational and REO's investment adviser Treasury Holdings. Completion of the transaction is expected soon.

John Herlihy, head of Google in Ireland, said the firm now has the space and flexibility to support future operations at its EMEA headquarters.


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