Ronan Group Real Estate has agreed a two-part deal with American bank Citi that will see the development of Citi’s new European bank headquarters at Waterfront South Central in Dublin’s North Docklands.
Citi will occupy c.300,000 sq ft or 60% of the commercial office space of the Waterfront South Central scheme.
The nine-storey development calls for 200,000 sq ft of other office space at the site.
The wider development will have up to 1.25 million sq ft. of commercial, residential, hotel and other uses and will include several public and community spaces such as a waterfront town hall space, farmer’s market as well as numerous on-site amenities including cafes, restaurants, and creche facilities.
As part of the Citi agreement, RGRE has purchased Citi’s current Dublin premises at 1 North Wall Quay, which is close to Waterfront South Central.
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When Citi’s workforce relocate to the new build, sometime in 2026, Ronan Group will take ownership of the building and redevelop it into a 500,000 sq ft commercial premises.
Ronan Group Real Estate said the Citi deal involves funding from Landfair, Stefan Jaeger’s new company Landfair.
Jaeger and RGRE have collaborated previously on developments in Dublin for Amazon, Salesforce and Meta.
Davinia Conlan, interim Citi country head for Ireland, said: “We are thrilled to have finalised the location for our new building in Ireland. Our aim is to develop a state of the art, sustainable workplace with the highest standards of design and technology. This significant investment is a signal of our commitment to Ireland, to Europe and to our people.”
Rory Williams, CEO of Ronan Group, commented: “The choice of Waterfront South Central (WSC) as the future home of Citi in the European Union represents a major vote of confidence in the continued strength of the Irish economy.
“This demonstrates the increasing desirability of Dublin as a European base for leading global companies, especially in the financial and banking sectors. Dublin is now the leading English-speaking city in Europe, with unrivalled connectivity to English speaking countries in North America and the UK, while remaining firmly centred in the European Union.”
Works at WSC have commenced and upon completion Citi’s offices will have underground carpark with EV charging, and will aim for the highest efficiencies, with accreditations to include LEED Platinum, Wiredscore Platinum and WELL Building certification.
RGRE is partnering with Nama, Lioncor and Oaktree Capital Management to develop the Glass Bottle site in Ringsend. The developers say the site has the potential to deliver c.3,800 residential units.
Citi was advised on both transactions by Knight Frank.
