OPW secures Spencer Dock office block in Dublin at €23.6m
State acquisition expected to deliver payback in under nine years and long-term cost savings
29 January 2026 | editor@irishrealestate.news
The Office of Public Works (OPW) has completed the acquisition of a strategically located office building at Spencer Dock in Dublin’s IFSC for €23.57m, securing long-term accommodation for State bodies at what it described as a highly competitive price.
The purchase relates to the East Wing of Block R, Spencer Dock, extending to just under 6,000 sq m. The OPW had leased the majority of the building since 2015 and the property currently accommodates a number of State agencies. The office block is located directly behind the Convention Centre Dublin and benefits from strong public transport connectivity.
According to the OPW, the acquisition is expected to significantly reduce ongoing rental expenditure, with an estimated payback period of less than nine years. The transaction is projected to deliver substantial annual savings for the State and a strong return on investment over the medium to long term.
Minister of State at the Office of Public Works, Kevin ‘Boxer’ Moran, said the acquisition would also provide additional space from 2027 to meet future accommodation requirements for OPW clients, reducing reliance on leased office stock in the city centre.
The Spencer Dock building was identified as a potential strategic acquisition in 2025. Following negotiations and approval of a supporting business case, terms were agreed in late 2025, allowing the OPW to proceed with the purchase.
The OPW cited several strategic benefits arising from the acquisition, including long-term security of centrally located, high-quality office space; additional capacity to support future demand; and the opportunity to leverage upcoming lease events to achieve value for money. The building also has potential to connect to future sustainable heating infrastructure, aligning with wider public sector climate and energy objectives.
The transaction has been positioned by the OPW as an example of proactive asset management, reflecting a broader shift towards ownership where it can deliver demonstrable savings and operational flexibility for the State in a changing office market.
