Bog’Art, the construction company of businessman Raul Doicescu, started demolishing the former warehouses of Pipera of Farmexim group to make room for a new office project, while builder Octagon, controlled by two Greek businessmen, started works for the second building of Hermes Business Campus project.
These are the newest office projects launched in Bucharest’s northern area, which has been shaping up as the new business center of the city. Developers have made use of the large land plots available here and counted on employees’ access through the subway.
Right above Pipera subway station, Bog’Art brought the first equipment to take down the buildings located on the 3-ha land plot that investment fund Globalworth, controlled by businessman Ioannis Papalekas, bought this year from Farmexim owners for EUR14.3 million to develop an office project.
The project called Globalworth Campus will be made up of three buildings with a rentable area of 105,000 square meters and up to 25-storey high, and the first stage is scheduled for completion in 2016, according to the latest information provided by Globalworth. The fund primarily counts on signing a contract with group Telekom for the rental of a 25,000-sqm space.
As over 10,000 people are likely to work inside the project, Globalworth wants to link the offices directly to Pipera subway station through an underground tunnel.
This is not the first time Bog’Art, with revenue of EUR91.3 million in 2013, and Globalworth work together.
As a matter of fact, this is not the first time, either, Greek-held Octagon, with revenue of almost EUR20 million in 2013, is involved in Hermes Business Campus project developed by Belgium’s Atenor group.
Now, Octagon started raising the second building, which will have a rentable area of 42,000 square meters and will involve a EUR30-million investment. Works are due to be finalized in the first quarter of 2016.
Atenor also counts on a contract with a German group, DB Schenker.
Rents in the area revolve around EUR12-14/square meter monthly, lower than those of Barbu-Vacarescu-Floreasca area, but above the level of Pipera-Tunari, where there’s no direct access to the subway.
(English version by Catalina Apostoiu)