Bancpost, the eighth largest bank on the Romanian market interms of assets, is preparing to move its headquarters from thetower block on Calea Vitan to a new office building in the Piperadistrict, Olimpus Bancpost Office Building, in order to cut rentalcosts. The building that will accommodate the bank's headquartersis held by Eurobank Properties, a member of the EFG group, whichalso controls Bancpost, and which paid 40 million euros in thesummer of last year to bring the building into its portfolio. Thelettable area amounts to 23,000 square metres and was developed byan investor group represented in Romania by Greek businessmanIoannis Papalekas. Mihai Bogza, president of Bancpost, says a largepart of headquarters personnel was already at the Pipera building,"and now we are all moving under the same roof." The decision alsohad to do with the inflexibility of the owners of the Vitanbuilding when it came to renegotiating rent. In fact, the lastfloors of the tower block have not been rented for almost a year,with the owners failing to reach an agreement on the price with anyof the prospective clients. PGV Tower, the building where Bancposthas been headquartered in the last five years, is a building with a10,000 square-metre lettable area, which was completed in 2003 andhas been part of the portfolio of German investment fund DEGI overthe last two years.
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