Baggot Plaza

Baggot Plaza was acquired in June 2014 as part of a larger portfolio purchase and was sold six years later following significant value-add initiatives. 

Location
Dublin, Ireland
Property Type
Office
Sq. Feet
129,300 sq ft.

Baggot Plaza Story

At acquisition, Baggot Plaza, which dated from the 1970s, was functionally obsolete. Kennedy Wilson implemented a value-add asset management strategy that included redeveloping the asset using the existing frame, extending the floorplates and adding 37,700 sq. ft. to the existing 91,600 sq. ft. office building, bringing the total redeveloped area to 129,300 sq ft. 

After completing the redevelopment, Kennedy Wilson agreed to a pre-lease with the Bank of Ireland for a 25-year lease (20-year term certain) to occupy the entire building at a headline rent of €47.50 psf, resulting in a stabilized yield on cost of 8.6%. In 2017, Baggott Plaza was awarded Gold for LEED Core and Shell and in 2020, Kennedy Wilson sold the property for $165 million, resulting in a gain on sale of approximately $85 million.

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