Google purchased the Montevetro Building this week, the tallest building in the city of Dublin, for €99.9 million (roughly $136 million U.S. dollars) from Real Estate Opportunities (REO) and The National Asset Management Agency (Nama) according to a Wall Street Journal article. Google bought the 15 story, 210,000 square foot Montevetro development on Barrow Street to house about 2,000 staff members and accommodate new business activities that are currently in development. Real Estate Opportunities redeveloped the building, and its chairman, Ray Horney, said the sale is one of the largest commercial real estate deals Ireland has ever seen reported the San Francisco Chronicle. Nama, which acquired the Montevetro building as security for a loan that transferred from a participating institution in April 2010, advance the necessary working capital to complete the development.
"We are at capacity in our EMEA headquarters in Barrow Street and the additional space will allow us to relocate some teams to Montevetro and to create an even more spacious working environment for Googlers in our existing building," said John Herlihy, head of Google in Ireland.
Nama chairman Frank Daly comment that "the successful completion of the Montevetro development and its sale again reflects the positive potential of Nama to support the commercial property market in Ireland without compromising its objective of recovering monies owed to the taxpayer."
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