The Office of Public Works (OPW) has successfully completed the purchase of the East Wing of Block R, Spencer Dock, for €23.57 million.

Located in the heart of Dublin’s International Financial Services Centre (IFSC) and situated directly behind the Convention Centre, the Grade A office building provides nearly 6,000 square metres of high-quality workspace.

The State has leased the majority of this building since 2015 to accommodate various government bodies. By moving to full ownership, the OPW estimates the investment will pay for itself in less than nine years through the elimination of annual rental expenditures.

The acquisition was confirmed in January 2026, following negotiations that began late last year. The property, designed by the renowned Scott Tallon Walker Architects, offers excellent public transport links and the potential to integrate into future sustainable heating networks.

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Strategic Benefits of the Purchase

The OPW has identified several long-term advantages to securing the freehold of the property:

- Cost Efficiency: Significant annual savings for the taxpayer with a strong return on investment.

- Future Capacity: The deal secures additional space within the building from 2027 to meet the growing accommodation needs of State agencies.

- Asset Management: Proactively using lease break points to convert rental liabilities into permanent State assets.

- Sustainability: High-quality building fabric with potential for future green energy connectivity.

Minister of State with responsibility for the Office of Public Works, Kevin "Boxer" Moran, expressed his strong support for the deal, noting that the purchase is a prime example of proactive asset management within the OPW.

Minister Moran stated: "This acquisition provides long-term security of high-quality, centrally located office space. It ensures we have the capacity to meet future accommodation requirements while delivering value for money by ending high rental payments in a key Dublin location."

The sale marks the final stage of the Central Bank of Ireland's divestment from the Spencer Dock site, following their move to a consolidated Dockland Campus at North Wall Quay.