FLEXIBLE PIONEERS
School pals Bob Manson and Thomas Lenehan were into flexible workspace long before it was fashionable. In 2007 they started their venture Fitzwilliam Hall with buildings on Fitzwilliam Square, and since then the portfolio has extended to 24 buildings housing around 120 clients, all in Dublin 2.
Prior to setting up Pembroke Hall, Manson (54) was a solicitor with Arthur Cox while Lenehan (54) toiled in the hardware and DIY store family business. Tenants past and present include Shein, Expedia, Visa, Click Up, Shutterstock, Wayflyer, Rippling, Qualtrics and Munich-Re.
In recent years, the landlords have expanded out of Georgian Dublin into more recent builds nearer the city centre. XtremePush has 80 workstations at the Fitzwilliam Hall’s Clarendon Street office building, while Ballast House overlooking the Liffey also caters for large floor plates. Toast is the main tenant in the city centre landmark, with over 200 workstations.
Company filings suggest that the two property entrepreneurs deploy capital in remodelling and fitouts rather than acquiring freeholds. Fitzwilliam Hall Ltd accounts to August 2022 disclose €7.4m outlay on leasehold improvements and fixtures and fittings over a 15-year period.
After opening four new facilities over the last 18 months, Fitzwilliam
Hall has rebranded to Pembr. “We feel Pembr better represents who we are today,” said Manson.
The running enthusiast has completed 62 marathons, including the Marathon des Sables, which is six marathons in five days across the Sahara Desert.
Total liabilities at operating company Fitzwilliam Hall Ltd amounted to €4m in August 2022, when company net worth was €4.3m. Net profit in FY22 after a €550k depreciation charge was €1.5m, and confidence in the future was evidenced by the two founders drawing down €1m in dividends.