Five office buildings in the Barbu Vacarescu-Floreasca area entail investments worth approximately 300 million euros and will have a lettable area of 120,000 square metres upon completion, the same amount of space as in Piata Victoriei, regarded as Bucharest’s business centre.
The office space pole in the Barbu Vacarescu-Floreasca area will expand with two new buildings in the first few months of next year, Nusco Tower and Lakeview, which will provide more than 40,000 square metres of office space following investments of over 100 million euros.
Nusco Tower and Lakeview builders, located at the end close to Pipera of the Barbu Vacarescu street in Bucharest are growing taller by the day. The two buildings will join the Floreasca Business Park and Oracle Tower – already erected – and the 36-floor SkyTower, whose completion is scheduled for 2012.
"We have now reached the 13th floor of the Nusco Tower building, which will be 18-storeys tall and delivered next April. The construction pace is three floors a month and we have already signed the head of terms with two companies that want to rent more than 6,000 square metres in the project," Michele Nusco, CEO and shareholder of Italian company Nusco said.
The project entails total investments worth approximately 50 million euros, with the funding ensured 70% from the loan from UniCredit. The first floors of the building will include 2,000 square metres of retail space, while the lettable area of the office space will reach 17,000 square metres.
Rents in the area are lower than in Piata Victoriei, with Nusco officials saying that the first contracts will be signed at 16 euros/square metre, while the last contracts will be devised in such a way so as to push the average rent to 17-18 euros/square metre. The average rent in Piata Victoriei is 20-22 euros/square metre, according to the latest information.
"The FMCG and IT companies already present in the Barbu Vacarescu area continue to expand. Banks are not moving as much at this time," stated Horatiu Florescu, chairman of real estate consultancy The Advisers/Knight Frank, the project’s rental broker.
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