Sky Tower, the tallest office building in Bucharest and Romania, with a 137-meter height, last year generated receipts of EUR1.7 million, after its spring delivery.
In the first six months, only 6 of the 37 floors were filled by the employees of Raiffeisen Bank, but the tower started attracting further tenants, so that the occupancy rate rose to 35% one year after delivery.
Rents in Barbu Vacarescu area, where Sky Tower is located, range between EUR10 and EUR15/square meter a month, so that at a 100% occupancy rate for the 41,000-sqm spaces, annual receipts from office rental are likely to revolve around EUR7 million, according to ZF calculations.
Tower Center, the tower of Victoriei Square bought by businessman Ioannis Papalekas in mid-2012 after being vacant for several years, generated receipts of EUR0.7 million in 2013, in the context where the building started being filled last spring, with state-run Hidroelectrica as the first tenant.
The around 100-m tall tower, with a built area of 24,500 square meters, reached an occupancy rate of around 90% last year. To lure tenants, office owners currently offer various incentives, such as exemption from rent payment for a certain period, and such a move is likely to influence Tower Center’s 2013 figures.
In the deal by which Papalekas sold Tower Center to Globalworth, the project was valued at EUR58 million, so that potential revenue can be estimated at close to EUR5 million.
The towers that generated the highest receipts last year are part of City Gate project of Piata Presei Libere, part of the portfolio of GTC and Bluehouse companies.
Revenues of companies City Gate SRL and City Gate Bucharest SRL, on which the properties are registered, amounted to almost EUR15 million in 2013.
(English version by Catalina Apostoiu)