Ethos House required a EUR8 million investment and is almost completely rented, as a result of rising demand for office space in Bucharest, unlike the previous office building that the entrepreneur developed in partnership with a group of Italian investors, Polona 68 (center of the city). That building was delivered in 2010 and it took about two years to fully rent it out. Tenants there include Roche, Novartis and Ariston.
“We will complete Ethos House in November 2014, following a EUR8 million investment. Tenants include Arval, Cardiff, Glencore and Gopet and the effective rent is EUR13.5/square meter/month,” the developer representatives told ZF.
The building will house the Romanian offices of one of the lowest profile commodity trading and mining companies in the world, Glencore. Glencore is a top ten trader of grain and oilseeds in this country, with more than EUR100 million revenue a year.
Another tenant of Ethos House, which has a 7,300 square meter gross leasable area, is transporter Gopet, whose revenue in Romania stands at EUR27 million.
Tenants also include, as ZF found out, ArcelorMittal, which will occupy the first floor of the building, as well as the French-Romanian Chamber of Commerce and Industry and businessman Ionut Dumitrescu, former shareholder of real estate consultant Eurisko and the new owner of the site of the former Grivita brewery in Bucharest as of this year.
The investor is already looking for the right plot of land to develop Ethos House 2, which means investors on this market are already seeing a rise in demand for office space.
(English version by Loredana Fratila-Cristescu)