Tyrone teenager Nick Griggs says he is aiming to become an Olympian runner
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McGuinness set his record of 3:55:00 some 41 years ago in Dublin and at the time it placed him 7th on the world rankings.
Eighteen-year-old Griggs, from Newmills, ran 0.67 seconds faster than his previous personal best set indoors last year.
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Hide AdHe finished 1.25 seconds behind South African victor Ryan Mphahlele who crossed the finishing line in 3:54.48 at Santry.
Griggs' time bettered his previous outdoor best of 3:58.51 set at last year's Morton Games. His new time ranks him second U20 miler in the world.
Afterwards Griggs told RTÉ Sport: "The field was really, really strong. I'm really happy to come away with a quick time. I can't ask for much more.
"For me it's quite normal, I'm just a normal kid. There's nothing fancy about my life. I drove down here with my mum and I'll drive back with my mum.
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Hide Ad"It's unbelivable to see the progress that I'm making, I know there's a lot more improving to do, to make that next step, so that I can make a living out of it. To one day be an Olympian and fulfill that lifelong dream."
He said defending his European title and making the Irish team for the World Championships in Budapest are his targets for this summer.