SOCIAL media giant Twitter is set to expand its European Headquarters in Dublin in a move that will cost the company €92million.
Twitter will leave its current base on Pearse Street for Cumberland House, a new 85,000 sq. ft. premises in central Dublin, in the second half of next year.
The company will sub-let the office space from Irish property investment company, Hibernia REIT, and will pay rent of €4.6million per annum on a 20 year lease.
As part of the agreement with Twitter, Hibernia will refurbish the entire building at a cost of up to €27million ahead of the move.
It is understood that Twitter, which employs around 200 people in Dublin, will occupy all of the office space at Cumberland House with the exception of the fifth and sixth floors, and will take 140 car parking spaces.
Hibernia CEO Kevin Nowlan commented: “We are delighted to have agreed terms with Twitter for the pre-lease of the majority of Cumberland House.
“The building is excellently located in the heart of Dublin between Pearse Street Railway Station and Merrion Square and once refurbished will offer over 112,000 sq. ft. of first class office space with the potential of further expansion in future."