Estate agents Hooke & McDonald have sold 28 car-parking spaces at Stephen’s Hall in the Earlsfort Centre - just off of St Stephen's Green - to Arthur Cox for €1.7m.

This means that the average price for a space was €60,700.

The legal firm had been renting the spaces for €110,600 per annum - or €3,950 per space.

There were 13 years left to run on the company's lease on the spaces - the rental charge was set to increase as the agreement is subject to upwards-only rent reviews every five years.

Irish Times report that Nicholas Corson of Finnegan Menton, who acted for Arthur Cox said that by acquiring the spaces Arthur Cox will save €1.4m over 13 years.

This is the first deal of this kind since the financial crises.

The spaces are next to the cite where Arthur Cox is set to build its new headquarters at the junction of Earlsfort Terrace and Hatch Street. The seven-story development is due to be completed in the summer of 2017.