PayPal offices up for sale a week after firm announced job cuts

Following PayPal’s decision to sell its Ballycoolin campus in Dublin and move to a smaller premises, the company has commissioned estate agents CBRE to seek €26m for its current Dublin properties. Located at Ballycoolin Road, Blanchardstown, it comprises 20.7 acres and four separate buildings extending to 170,854 sqft.

Last week PayPal announced plans to close its Dundalk office on March 31 and make 62 staff redundant in Dundalk and Dublin. It will retain about 2,000 staff and move its Irish operations to a more central location, possibly in Dublin city centre.

At the time of the recent announcement, PayPal senior vice-president Maeve Dorman said that ways of working at the company had completely changed over the last three years.

"Employees, including myself, have really embraced the flexibility of our new working models and the increased opportunity to work from home," Ms Dorman said.

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"As a result, employee footfall at our offices at Dublin and Dundalk has remained consistently low.”

It is also expected that a number of staff in Dundalk will move to remote working.

It is speculated that it may seek a new Dublin premises extending to about 50,000 sqft.

Its Ballycoolin campus is split into two sites. The larger site to the west of the main estate road extends to 14.1 acres and consists of three interlinked office buildings with a total of 142,606 sqft.

Two of these buildings have recently been refurbished and benefit from best-in-class specification with an expansive naturally lit feature atrium. This site also includes a car park with 591 parking spaces and this area offers development potential.

The smaller site to the east of the main estate road extends to 6.6 acres and consists of a former commercial building of 28,248 sqft which has been converted to offices. There is car parking to the front and 5.1 acres of greenfield zoned land.

The campus is zoned HT – High Technology, therefore has potential for alternative commercial use such as data centre or life sciences.

Garrett McClean, executive director of CBRE, said the Ballycoolin Buildings 2, 4 and 5 were fully refurbished to a very high turn-key standard at a cost of approximately €15m between 2019 and 2021.

“Given the quality and strategic location of this portfolio, the competitive guide, along which the obvious development potential (SPP) we’re expecting strong demand from investors, developers and occupiers from across multiple sectors.”

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