Susquehanna International Group LLP is considering doubling the size of its European headquarters in Dublin after increasing the number of people who work there by a third in two years, two people with knowledge of the plan said.
The securities firm may move to a property with 55,000 square feet to 65,000 square feet (6,000 square meters) of office space, said the people, who asked not to be identified because a final decision hasn’t been made. The Bala Cynwyd, Pennsylvania-based company occupies offices in Dublin’s International Financial Services Centre and has approached landlords in the city’s docklands area seeking more space, the people said. Susquehanna’s head of strategic planning David Pollard declined to comment.
Rents for Dublin offices have fallen 60 percent from their 2007 peak after the country’s real estate bubble burst, broker CBRE Group Inc. said in a Jan. 10 report. Overseas companies have been attracted by the cheaper rates, accounting for about 56 percent of all the office-space leasing in Dublin last year, according to a Jan. 15 report from broker Lisney Ltd. That was more than double the percentage in 2006.
One of the options being considered is the AIB International House building in the IFSC, the people said.
Susquehanna has more than 200 workers in Ireland, according to the company’s profile on the Grad Ireland website. That’s up from 177 in 2011 and 152 in 2010, according to a filing with the Irish Companies Registration Office. The company had 1,500 workers globally through the end of 2011, according to data compiled by Bloomberg.
The Irish unit, Susquehanna International Group Ltd., reported a loss of about $180 million for 2011, the latest available accounts filed to Companies Registry Office.