200 new jobs for Cork as first tenants of Navigation Square development confirmed

200 new jobs for Cork as first tenants of Navigation Square development confirmed
Construction underway on the Navigation Square office development. Pic; Larry Cummins

TWO hundred jobs were announced for the city today by a company that will become the first anchor tenant in the mammoth Navigation Square office development on Albert Quay.

The major jobs and investment announcement by Clearstream, a services arm of the Deutsche Börse Group, has been welcomed by Cork Chamber as a significant vote of confidence in Cork as a centre for financial services.

Deutsche Börse Group intends to grow its Cork presence to 600 employees, adding a further 200 jobs over next two years.

By March 2019, the company will also move to the city centre offices, Navigation Square, which is currently under construction and will be the largest office development the city has ever seen.

How the completed Navigation Square development will look.
How the completed Navigation Square development will look.

Tánaiste Simon Coveney TD said: “Cork is a key international hub for our global growth objectives and a very attractive location for International Financial Services companies from all over the world. The decision by Deutsche Börse Group to expand its activities here is very positive.”

Conor Healy, chief executive of Cork Chamber, said: “We have been actively promoting Cork as an ideal location for international financial services. Today we are delighted to see that message come to life with an investment of this scale.

“In addition, we are hugely excited by Clearstream becoming the first anchor tenant in Navigation Square, an extremely significant office development for the city. We believe Cork’s docklands has excellent potential to transform into a compelling location for any investor looking for a new home in Ireland.”

Navigation Square is a 350,000 sq ft office development by O’Callaghan Properties, due for completion in March 2019.

Philippe Seyll, Co-CEO of Clearstream Banking SA and Head of Investment Funds Services, explained: “We have decided to invest in our Cork presence to allow for further growth and a competitive set up in the future. Our current workforce in Cork, as well as the high-quality local graduate talent available... have proven to be a great source of talent.”

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