Green REIT Plc agreed to lease a recently completed 14,701-square-meter office building at Central Park in Dublin to Allied Irish Banks Plc on a 20-year lease starting in May.

The lease has a tenant break option after 12 years and, under the agreement, the bank is entitled to a 12-month rent-free period. An annual rent of €4.8 million, or €291 per square meter, will be paid for the asset.

Following the deal, the 79,000-square-meter Central Park will reach full occupancy. The park also has planning consent in place for a further 37,160 square meters of office space.