Verizon plant long term roots in Limerick with 15 year lease

The telecommunications company has signed a 15-year lease.

AN AMERICAN multi-national company has officially committed to Limerick City for the next 15 years.

Tech giant Verizon will take over the 1BQ building on Bishop’s Quay, having signed a 15-year lease on the 84,334 square-foot office block in the heart of the city.

It is understood that the company have agreed a lease that would see them pay €40 per square foot, working out at a total lease of around €3.3million.

The eight-storey 1BQ building is currently under construction by Kirkland Investments, and occupies a prime site overlooking the River Shannon.

The lease is understood to be the largest office lease in Ireland in 2023.

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The development also features ground floor retail units, which are still available to let by auctioneers Savills.

In a statement sent to the Limerick Post, a spokesperson for Kirkland Investments said that Verizon’s decision to locate its newest centre of excellence in Limerick is a vote of confidence in the city.

“Firstly, its a great endorsement for the city of Limerick that Verizon chose to locate their newest Centre of Excellence here. They will provide a huge economic lift to the city and the wider region.  We are delighted to welcome them to 1BQ, which is a fantastic addition to our portfolio,” the statement read.

“Day one when designing the building we set out to make it suitable for a global occupier, the riverside location deserved this. To do this we focused on sustainability and digital connectivity, we are the first building in Limerick to have both LEED Gold and Wiredscore Platinum status and we are proud that we sit within the top buildings in the country for both accreditations,” the statement said.