DPP navigating its way to prime Cork city office space at NSQ1
Navigation Square
THE Director of Public Prosecutions (DPP) is to open a regional office at Navigation Square in Cork city in its first move out of Dublin since it was established 50 years ago.
The Irish Examiner understands that the State prosecution service is to lease 9,000 sq ft at the O’Callaghan Properties-developed Navigation Square 1 (NSQ1) which the developer sold to French investors Corum XL for €60 million in 2021.
The move will bring 120,000 sq ft NSQ1 close to full occupancy as the Irish Examiner understands that Jacobs Engineering is set to lease just over 14,000 sq ft on the second floor of the Albert Quay premises, leaving just two smaller, self-contained suites of 5,554 sq ft and 4,331 sq ft unoccupied, on the first and second floors respectively. The ground floor and third to sixth floors are already occupied by Deutsche Borse Group, through its post-trade services arm, Clearstream, one of the largest exchange organisations’ worldwide.
The DPP’s interest in a Cork office was underscored last week when it published its Strategy Statement 2025-2027 in which a stated aim was to open a regional office in Cork.
A DPP spokesperson told this newspaper that the reason was to help deal with the growing number of cases and prosecutions in the Munster region.
“County Cork currently accounts for approximately 9% of the files submitted to the Office of the DPP for direction. There are also currently 12 district courts across the county. In addition, the Central Criminal Court has been sitting continually in Cork in recent years and there are no plans to cease this practice,” the spokesperson said.
The DPP is not the only state tenant heading to Navigation Square. As previously reported in the Irish Examiner, the Passport Office on South Mall is due to move to NSQ2, which remains in OCP ownership.
The move of such high profile tenants to Navigation Square is positive news for the adjoining docklands where substantial government-backed regeneration is planned, with ongoing private/Land Development Agency-backed development across the river on Horgan’s Quay and plans by OCP to develop nearby Kennedy Quay, where some work has already taken place.
Brian O’Donnell of Corum said the signing of a recent long-term lease with an international tenant (understood to be Jacobs Engineering) was “testament to both NSQ1and the Cork market...reinforcing the demand for high quality office stock in prime locations”.
He added that the “success of NSQ1 highlights Cork city’s attractiveness as a hub for global companies”. NSQ1 is the first office investment in Cork for Corum.
It’s a vote of confidence in Henry J Lyons-designed Navigation Square where joint letting agents Lisney Commercial Real Estate and BNP Paribas are responsible for securing the new NSQ1 tenants. The two suites that remain vacant are ready for immediate occupation. Quoted rent is €33.50psf.
Mr Fannon said state tenants as well as international tenants, including from the US, have shown interest in seven-storey NSQ1. “It’s appealing to everyone,” the agent said.
Other notable tenants include NetApp and Iconic.
Mark Fannon or James Nugent, Lisney Tel: 021 4275079 E: mfannon@lisney.com or jnugent@lisney.com
