With an average rent of EUR 13/ sq. m asked by the office park, the company is estimated to pay approx. EUR 4 million per year.

"HP is the biggest tenant in Romania, with 34,000-35,000 sq. m of offices. The contract marks the longest presence in Romania, 18 years in the same offices. This is the biggest deal of the year, and the 10 years period is spectacular as these contracts don’t apply. Ten years is not an easy period during crises, within EU borders. They believe in their business in Romania and in the fact that after the crises is over the growth will start", has declared Liviu Tudor in a press conference.

He stated that the rents in Novo Park is EUR 12-14 sqm/month, the average being of EUR 13/sqm/month, with service charges in addition (EUR 3-3.5 /sq. m/month) and with parking places also in addition.

"We extended all the contracts, the last to end next year being those with Garanti and HP. The complex is fully let, the smallest tenant being Mondelez România (former Kraft), on 1,500 sq. m in the complex. IT is ideal to have ten smaller tenants in the building, instead of two very large ones, as they leave your building would remain empty. Moreover, if the park or the building is 80% let to a tenant, the tenant has more power over the building that has the landlord", Tudor explained.

Considering the cases of the tenants occupying larger premises, Tudor says that discounts can be granted for rents from 3 to 5%.

Novo Park is the second office complex developed by Genesis Development, owned by Tudor, in Bucharest, following West Gate in Militari district, totaling 150,000 sq. m.

The investments made by Genesis Development in Romania reach EUR 300 million and its projects in Romania generate annual revenues from rents of EUR 32 million. (source: economica.net)