The parties have renewed their lease agreement for the offices located in Hermes Business Campus, a compound situated in the northern part of Bucharest.

Griffes, a Romanian advisory practice, facilitated the transaction, which resulted in a lease agreement for a period lasting beyond 2032. The successful outcome reflects over a year-long effort by both parties.

The tenant presently occupies the entirety of building A, a vast rental space of over 29,000 sq m, which overlooks the bustling Dimitire Pompeiu Boulevard. As a prominent player in the HBC park, comprised of three class A buildings, spanning 75,000 sq m, they serve as the anchor tenant. Adventum Group, a fund manager with a focus on real estate investments in the CEE market, was established in 2006 and is entirely owned by management.

Adventum prioritizes sustainability, with total assets under management in excess of EUR 1 billion. In 2021, the flagship company of the Group, Adventum International Ltd. acquired Hermes Business Campus from Belgian developer Atenor and recently announced their plans to upgrade the park to the In-Use V6 Excellent level, certified by the BREEAM standard.

Genpact remains the largest occupier in the local market concerning office space and square meters. The company places a strong emphasis on space utilization, environmental sustainability, and employee well-being. Going forward, Genpact, in coordination with the landlord, intends to develop new facilities that cater to the staff’s outdoor work requirements while balancing work-life activities. The organization intends to maintain flexibility in its design to address clients’ requests promptly.

‘Through this mutual engagement, Adventum is once again exhibiting a keen interest in our tenant community and the portfolio we manage. Our team is committed to delivering remarkable returns for our investors. The extended lease agreement for this impressive space is a testament to our confidence in the office products we have believed in since the outset,’ explained Marcell Mihalyfi, Partner and Head of Asset Management at Adventum.

Griffes team coordinated the process towards a mutually beneficial outcome to reflect the realities of an unsettled office market. ‘We commenced discussions and exchanged the first thoughts of how to better shape this partnership more than one year ago. We tuned-in a sophisticated strategy of granting the landlord a solid tenure of the lease agreement, while bearing in mind the shrewd goals for flexibility of a large technology tenant. The foundation of the transaction was trust and vision; we worked a lot with metrics interpretation of the tenant, to incorporate both the uncertainties of the context and the firmness of their coming business plans for Romania, seasoned by all our creativity resources to support a truly farsighted landlord,’ stated Andreea Paun, founder of Griffes, the largest real estate consulting company in Romania with 100% national equity and the only one specialized in landlord representation.

`The continuation of the partnership with Adventum is a reconfirmation of our commitment to continue investing and growing in Romania. At Genpact, we place people at the heart of everything we do, so we want to offer them a space that stimulates creativity and innovation while generating great value both for the Romanian market and our clients`, said Alexandru Stoenescu, Country Leader for Romania and Bulgaria, Genpact.

“Renewal made by Genpact in Hermes Business Park is a transaction not only remarkable for its scale but also for the fact that it validates the Dimitrie Pompeiu sub-market in the long term as a modern and sustainable office area, bringing this area in the top 3 sub-markets in terms of renewals along with Floreasca and Centru Vest.” Added Alina Calciu, Head of A&T Services Occupiers at CBRE Romania

Dimitrie Pompeiu area has announced major urbanism redevelopment starting with mid-2024, as the city hall has launched the tender for acquisition of the feasibility study. A significant reconfiguration process will include a new road connecting Pipera Road, Dimitrie Pompeiu Boulevard and Fabrica de Glucoza Street and a Park&Ride facility. Dimitrie Pompeiu Boulevard itself will be enlarged to 4 lanes, 2 for each direction, tram line will be extended and connectivity improved, bike lanes and sidewalks to be fully renewed.

During the last year, the office leasing market in this area has registered over 80,000 sqm transactional activity, out of which new demand of 28,000 sqm. Most of the large players have decided to stay or even grow in the area, while most new occupiers came from Pipera submarket with no metro accessibility and a desire for upgrade. Their fields of work are FMCG, communications, constructions, and technology.

Flagship companies Adventum Investment Fund Management Ltd., registered in Hungary, and Adventum International Ltd., registered in Malta, manage real estate funds investing in Central and Eastern Europe. The funds own more than 700,000 sqm of commercial real estate in core CEE countries with an AuM (assets under management) in excess of EUR 1 billion. Adventum’s ESG strategy is focused on the reduction of lifetime CO2 emission and guided by international sustainability agenda and conventions such as the Paris Agreement. The Group’s personnel include highly experienced real estate professionals with CFA, NRW and MRICS qualifications and proven track record in the CEE region. The management has so far executed investments in the CEE region over a total value of EUR 2 billion. The Adventum HQ is in Budapest with offices in Prague, Warsaw and Wroclaw as well.