The Czech entered the local market in 2007, when they bought 7,000 sq. m plot of land in a less developed area of Bucharest, but situated at three tram stations from Piaţa Unirii, five years later the company starting the works for an office building on 10 floors, after being secured the bank financing and the signing of the first tenant.
Per total, the investment in the 30,000 sq. m rentable area office building is estimated at approx. EUR 55 million, largely supported by EUR 39 million loan granted PPF Bank from Czech Republic.
The construction company Bog´Art, controlled by Raul Doicescu, was designated as the general contractor of the project, with nearly EUR 30 million contract, the structure of the building being completed. Currently the works are carried out for the glass façade mounting and the installations of the building.
Obtaining the financing and starting works were conditioned by the signing of a pre-lease with a company willing to occupy at least 20% of the rentable area, and the IT company TeamNet became the “anchor” tenant, with 11,000 sq. m pre-lease, more than a third of the building.
Green Gate offices mainly target the tenants from the IT business, the developers having signed leases also with smaller companies.
„The construction works will be completed in January, and the premises will be operational starting 1st of April. Considering the negotiations currently held, we estimate 70-80% occupancy rate by the completion of the construction“, recently said Sheila Giafer, commercial manager of Green Gate.
The biggest office project currently in construction in Bucharest is Floreasca Park, developed by Portland Trust near Pipera passage in northern Bucharest, a business center including two buildings with 38,000 sq. m rentable area and EUR 70 million investments.
The main competitor for Green Gate is though AFI Europe’s project, including two office buildings near AFI Palace Cotroceni mall, with approx. 12,000 sq. m rentable area each, also targeting the companies in the IT sector. (source: zf.ro)
