Bannon were instructed by Aer Rianta International to source and acquire 10,000 sq.ft. of office accommodation in North Dublin of their behalf. They required a modern single office floorplate within close proximity of Dublin Airport. Bannon undertook a full acquisition search which quickly identified that there was a lack of suitable accommodation available in the chosen area at that time. Given this challenge, Bannon immediately sought to secure a premises off market via contacts and review of Bannon’s office lease database, identifying potential lease expiries and break options of offices in the vicinity and thus targets for direct approach.
Having identified a potential suitable option, on further investigation this option was in the process of being sold as part of a receivership sale. Through market contacts, Bannon tracked down the intended purchaser and negotiated a deal directly subject to the sale completing. During the course of negotiations ARI decided that they couldn’t proceed with the transaction as they now required additional space. Before terminating the deal, Bannon approached the new landlord to consider contacting one of the other tenants in the building to see if they would consider a surrender of part of their accommodation. Bannon and the new purchaser successfully negotiated a surrender of the neighbouring suite for ARI occupation.
This was a challenging acquisition given market conditions at the time and also due to the more complex negotiations required in order to secure the accommodation for ARI within strict timelines. Bannon successfully completed the acquisition of 14,000 sq.ft. together with an early break option for ARI as they also required lease flexibility to allow for future expansion.
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