The Office of Public Works (OPW) has successfully completed the purchase of a strategically located office block building in Spencer Dock, Dublin 1, for €23.57m.
The property which currently accommodates a number of State bodies is very well located within the IFSC directly behind the Convention Centre with excellent public transport links.
The OPW, who had leased the majority of the building since 2015, purchased the East Wing of Block R, Spencer Dock, a space extending to just under 6,000 square metres.
The strategic acquisition of the property will yield a reduction in rental expenditure equating to an estimated payback period of less than nine years for the investment.
The purchase will therefore deliver significant annual savings and a substantial return on investment for the State.
Minister “Boxer” Moran expressed his support for this acquisition, which will provide additional space in the building from 2027 to meet future OPW client accommodation requirements.
The property was identified as a potential strategic acquisition last year and following a period of negotiation and approval of the supporting business case, the OPW agreed terms on the building in late 2025.