Tallest Commercial Office Building in Dublin Purchased by Google

February 17, 2011 / Elizabeth Buckley, Commercial Property Analyst

The tallest commercial office building in Dublin, Ireland is recently acquired by an American multinational public corporation invested in Internet search, cloud computing, and advertising technologies — Google. The commercial office building, Montevetro, was purchase by Google for €100 million or $136 million from Real Estate Opportunities, an international property investment company with extensive holdings in Ireland and the UK.

Tallest Commercial Office Building in Dublin Purchased by Google

In 2010, the largest office building transaction for 2010 has also made possible by Google for purchasing the largest commercial office building in Manhattan, New York, for $1.7 billion.

Real Estate Opportunities’ investment adviser, Treasury Holdings said, Google’s decision to buy Ireland’s landmark is a very good new for the nation because Google is said to be an iconic name globally.

Google, according to a report, will be using the commercial office building mainly for new business activities that will most likely bring further job employment in the city.

The internet giant’s original plan was to lease the 15-storey commercial office building and began talking with Treasury Holdings about it early 2010, but later on, Google change its mind and proposed for an outright sale.

According to Treasury Holdings’ chairman, Ray Horney, the recent transaction with Google is said top be one of the largest in the commercial real estate market in Ireland for several years.

REO’s commercial office building was completed January 2011, while its construction began March 2008. It has become the tallest building in Dublin, to date, and is considered as a prime office market in the area.

Montevetro, the commercial office building is located along the Grand Canal Dock, Dublin, which has a three-storey underground parking area, with about 80 parking spaces.

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