20m euro-Cascade office building

Cascade real estate developer will soon start works for the construction of an office building in the northern area of Bucharest, Cascade Park Plaza. Officials put the investments at about 15-20 million euros. "The built area will have about 18,000 square metres, with the net area to be put out for rent standing at 15,000 square metres. As regards investments, they revolve around 20 million euros," say the developer''s representatives. They maintain that the building is scheduled to be delivered onto the market at the end of next year. Cascade developer, owned by East & Central European Venture Capital Dutch investment fund, already delivered, last year, its first project on the domestic market, Cascade''s Offices, a 4,300-office building in Buzesti area, close to Piata Victoriei in Bucharest. "Th e investment stood at about 8 million euros, and the building is 96% rented," Cascade officials added. Tenants of the office building of Buzesti area include companies operating in the financial-banking domain, such as ProCredit or Aviva, as well as media companies (HBO) and oil companies (Rompetrol). Cascade officials chose not to comment on the average rental price in the case of already sealed contracts, but research points to a medium price in the case of class A office space of 18-20 euros per square metre. ZF