McAfee - Biggest acquisition of leased offices in Cork

The biggest acquisition of leased offices in Cork over the past number of years has taken place with the letting of a substantial amount of premium space to McAfee at the city's largest new commercial development - City Gate.

Global property consultancy Knight Frank Ireland has secured the entire first and second floors of Building 2000 at the €140 million City Gate development at Mahon on behalf of its world class tenant, the US based corporation McAfee. The offices extend to 61,000 sq.ft (5,666sq.m), including the option to take up further space.

The letting was by property consultants Downing Commercial, who are acting for this landmark new development for the landlord, the privately owned Cork based property development and investment company, John Cleary Developments.

Comprising over 350,000 sq.ft with 800 underground car spaces, making it Cork's largest commercial development, the striking City Gate development designed around a central plaza with cafe and civic space, has been highly successful since its launch two years ago. With the McAfee letting, there is now over 275,000 sq.ft of commercial space taken up, including the 144,000sq.ft letting to the Sheehan Medical Private Hospital due to open in April 2010.

The McAfee acquisition of two floors includes part of the first floor, with an expansion option on the remainder of the floor, and the entire second floor of Building 2000, which has 30,000 sq.ft floor plates that US corporates like McAfee are seeking in order achieve the operational efficiencies they require. The McAfee offices extend to a current take-up total of 46,000sq.ft (4,273sq.m) net, with an additional 15,000sq.ft (1,393sq.m) of option space.

The fit-out is to commence immediately with occupation by McAfee due at the end of December 2009 / early January 2010. Contracts have now been exchanged in an attractive transaction on a 20-year lease with break options. 135 car spaces have also been leased.

Mark Smyth, Knight Frank Ireland director and head of office agency, who handled the acquisition, says that "the acquisition of these offices, the biggest single letting in the Cork market for many years, reflects the huge benefits provided by our worldwide Knight Frank network - our US colleagues at Newmark Knight Frank worked closely with us to ensure that our client McAfee secured the optimum space in Cork to suit their requirements and as quickly as possible".

John Cleary, speaking on behalf of John Cleary Developments, said, "I think it is great news, not only for Mahon but the entire Cork area, that a company of the calibre of McAfee chose to locate their EMEA Headquarters here at City Gate. I'd like to commend the local McAfee staff and the IDA for all their hard work in securing this new investment and Cork City Council's progressive attitude in the development of the Mahon area".

Declan Hickey, speaking on behalf of Downing Commercial, who negotiated the deal on behalf of John Cleary Developments, said "I feel the McAfee deal proves that City Gate and Mahon have the vital components capable of attracting world class businesses. This is due to the excellent public transport, quality residential accommodation within walking distance, the hugely successful Mahon Point Shopping Centre and its close proximity to the South Link road".