The Galway Crystal showrooms and factory at the Dublin Road in the city has been bought by the resident company for €3.5 million.
The premises and 4.6-acre site opposite Merlin Park Hospital, was reportedly initially purchased for €20 million in 2006 by developer Bernard McNamara.
The developer hoped to use the site for apartments and secured planning permission for 178 homes before his company went into receivership.
According to selling agents Cushman & Wakefield, Galway Crystal has been paying an annual rent of €200,000 thousand euro for the Georgian-style showrooms and other building dating from 1996.
The crystal company employs around 50 people in Galway.
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