US property firm Hines has pulled out of a €242m purchase of PriceWaterhouseCoopers’ (PwC) headquarters in Dublin, it is understood.
Hines was expected to complete the deal for the 226,624 sq ft office block, located at One Spencer Dock D1, on a joint venture basis with two German pension funds.
However, according to a report in The Irish Times, Hines has decided against proceeding with the deal with officials from the company indicating the firm’s new take on the property.
The block on Dublin’s North Quays has been up for sale since last Autumn with the breakdown of the long-awaited deal coming as a surprise due to Hines’ lengthy due diligence process.
The office space is let to PwC on a 25-year lease, which has over 15 years left to run.
It is understood the lease includes upwards-only rent reviews every five years.
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