The building held by Germany’s GLL Real Estate is located in Piata Aviatorilor across the street from the entrance to the Herastrau Park (northern Bucharest). It has a lettable area of 23,000 square meters and GLL and real estate consultant The Advisers Knight Frank started looking for tenants for 12,000 square meters last fall.
Although the office space market remains difficult, Charles de Gaulle Plaza attracted four tenants: industrial group Tenaris, which rented the 15th floor, insurer Generali (floors six, seven and eight), law firm RTPR Allen & Overy (fifth floor) and Lafarge, which will occupy the first and second floors of the building.
Charles de Gaulle Plaza only has the third and fourth floors available now, which should be rented within the month. GLL also owns Casa Stega in Bucharest, rented to UniCredit group.
The biggest tenant in the building is Vodafone, which is currently renting six floors but has started cutting back on its use of space to only half of it. As a result, more space may become available in Charles de Gaulle Plaza, ZF has learnt.
The highest rents in Bucharest currently stand at about EUR18 to EUR19 per square meter per month and the owners of the best buildings hope to be able to sign leases for EUR20 per square meter, although it seems rather difficult in the current market.
Fully rented, Charles de Gaulle Plaza generates “a significantly higher annual yield than the office buildings in Paris and London” said Martin Unglert, fund manager of Accession Fund, part of the GLL Real Estate Partners.
(English version by Loredana Fratila-Cristescu)