Developer Pat Crean's Marlet Property Group has landed the first major commercial real estate deal of 2019, after securing an agreement to sell his company's Charlemont Exchange office scheme to South Korean-based fund, Vestas Management for €150m. Developer Pat Crean's Marlet Property Group has landed the first major commercial real estate deal of 2019, after securing an agreement to sell his company's Charlemont Exchange office scheme to South Korean-based fund, Vestas Management for €150m. Marlet assembled the Charlemont Exchange development through the acquisition of Charlemont Blocks A, B and C in March 2017, followed by the purchase in December 2017 of Charlemont Block D. The combined footprint of the four-building scheme was extended from its original 94,968 sq ft to 121,270 sq ft in the course of its refurbishment. The Irish Independent understands from market sources that the sale of Charlemont Exchange to Vestas Management was completed in recent days. In agreeing to rent Charlemont Exchange in its entirety, WeWork, for its part, has joined forces with Amazon, in a deal where the tech giant will be the scheme's anchor tenant on flexible terms.

Source: Irish Independent February 07, 2019 02:37 UTC