The site is located in the most dynamic business hubs in Bucharest, where Portland Trust plans to develop a large office project of the usual high standard targeted to attract increasing demand from a variety of occupiers, interested in this highly desirable office location.
Robert Neale, Managing Director of Portland Trust, comments: “This is our 5th office development in Bucharest. Following the recent success of Floreasca Park, we intend to capitalize on those aspects such as the energy saving technology in the hope of attracting cost and energy conscious tenants.”
The vendor of the land plot was Nusco Group and the real estate advisor for the transaction was Ionut Petcu, Head of Land with The Advisers/Knight Frank. Theodor McCann, Partner at Constantinovici, McCann & Associates provided the legal advice. “Nusco proved to be a serious and reliable partner during the negotiations and assisted Portland Trust in obtaining PUD.” said Robert Neale.
Portland Trust has a history of pioneering and constantly setting higher standards on the local office market. The developer has built cca 120,000 Sq M of excellent quality office space, creating landmark buildings in the local landscape, such as Opera Center (delivered in two phases: in 2001 and 2002), the award winning Bucharest Business Park (2006), Floreasca 169A (2009) and award-winning Floreasca Park (2013).
With this substantial land acquisition, the developer confirms its commitment to this area of Bucharest, which has now become the most important business hub in the city.
The area benefits from good accessibility from 3 main arteries, proximity to the airport and all types of public transportation, including 2 metro stations. Recently implemented infrastructure upgrades and furthermore new schemes have been proposed, approved and will be implemented in the area, such as new roundabouts and junctions to connect to the new A3 highway Bucuresti-Ploiesti.
Earlier this year, Portland Trust filled its latest project, Floreasca Park (37,500 Sq M GLA), with the help of its exclusive agent The Advisers/Knight Frank. After signing in the project the largest pre-lease on the local market (Oracle – 25,000 sq m in 2012), The Advisers/Knight Frank signed leases with renowned global occupiers for the remaining space. The most recent lease agreements include Allianz and two new U.S. companies entering the local market: Kellogg’s and Kalon.
The development is the first truly energy conscious office project in Bucharest and had a successful year having won two of the most important awards of the real estate industry: Best Office Building of the Year at Central and Eastern European Quality Awards (CEEQA) – in Warsaw, and Office Development of the Year at EuropaProperty Real Estate Awards – in Bucharest. Floreasca Park attained 83 points and an “Excellent” BREEAM rating.