After the takeover of the office building developed by Nord City, a company controlled by Romanian businessmen and gone bankrupt in 2011, ING Bank has designated the American company AIG/Lincoln to manage and rent the asset.
The building was subject for several improving investments in the last 18 months, in order to bring the specifications of Nord City Tower to a similar standard as those of big buildings from the same area. The company’s investment started to show results, an important growth of the occupancy rate being registered since the building entered ING’s portfolio.
Thereby, the most recent lease agreement signed for the building in Pipera is the one with TBI Credit for 500 sqm at the third floor of the building, where are to be relocated some of the company’s departments. The transaction was brokered by The Advisers / Knight Frank.
Comparing to the first quarter of 2012, when the occupancy rate was only 18%, currently the building is 40% rented. TBI Credit is the second new tenant in the building, after Tymbark, which has signed a lease last winter. Puma and Fokker extended their area in the building, and Strabag decided to remain in the NCT’s offices.
The building was delivered in 2007, being developed by the companies City Holding, owned by the businessman Dan Tatoiu and Nord Group, controlled by Liviu Barbulescu. The office building, situated in Pipera area, has represented at that time an investment of EUR 16 million.
The building has approx. 12,500 built area, with 9,200 sqm commercial and office (8,000 sqm) area. (source: wall-street.ro)