US software giant ServiceNow has been announced as the first tenant at the Grade A 60 Dawson Street development in central Dublin after signing a 12-year list with MARK and BCP Asset Management.
ServiceNow, which previously relocated in 2019, will take 90,000 sq ft across four floors of the premium 145,000 sq ft development, to create its Irish headquarters.
Located at the intersection of Dawson Street and Nassau Street and overlooking Trinity College Dublin, 60 Dawson Street is one of Dublin's most prestigious and in-demand new office buildings and will target LEED Gold and Wellness Silver status before its completion next spring.
The move has been necessitated by ServiceNow's continued growth, with the company generating revenue of $4.5bn in 2020, an unexpected increase of 31% year-on-year, and announcing plans to recruit a further 300 people last year.
ServiceNow Ireland Ltd primarily manages and develops its parent ServiceNow, Inc's intellectual property and made a loss of €197.5m from revenues of €618.1m in 2020.
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Accounts for the year show the company spent €411m on research and development two years ago, and the Irish arm ended the year with 88 employees, up from 45 the previous year, and €2m in cash on hand.
Commenting on the deal, Mark Cockerill, VP of ServiceNow, said: “We always say that the world works with ServiceNow and that starts with our own people. For us, it begins with providing them with the best work environment as we all navigate new hybrid ways of working.
"Throughout the pandemic we continued to recruit and grow, building out our fantastic team in Ireland. Not only does this lease demonstrate our ongoing investment in Ireland, it gives our employees (current and future) a state of the art hub, in the heart of the capital, to work from.”
Peter Evans, senior vice president at MARK, said: “60 Dawson Street is already one of Dublin’s most distinguished office assets and an important part of the city’s growing reputation as a centrepiece of the European economy.
“The leasing agreement with a company of ServiceNow’s size, stature and profile is further evidence of MARK’s ability to attract best-in-class tenants in their respective industries, and an illustration of our successful value-add strategy across both development and urban repositioning opportunities in Europe’s core locations.”
Ray Crowley, director of BCP Capital, said: “This transaction demonstrates the resilience of demand for best-in-class sustainable office buildings in the Dublin market.
"60 Dawson Street, opposite Trinity College Dublin in the heart of Dublin’s commercial district, now represents Dublin’s pre-eminent prime mixed-used building. In addition to 145k sqft of offices, it will also include 46k sqft of retail & leisure space adjacent to Grafton Street and represents the first completion in a number of sustainability focused projects for BCP in this part of the city.”
Designed by leading architect Henry J Lyons, 60 Dawson Street is part of a wider mixed-use development known as Grafton Place and will also include 46,000 sq ft of high street retail and leisure units over ground floor and basement, which is now available to recent
ServiceNow was represented in the transaction by Paul Finucane, director of Colliers. MARK and BCP were represented by Rita Carney, Senior Director of JLL.
Photo: Donal Travers, head of technology at IDA Ireland, with Mark Cockerill. (Pic: Chris Bellew/Fennell Photography)
