The developer plans to invest over EUR13 million in the property in total, as over EUR4 million will be invested in consolidation and refurbishment.
The building occupies a land area of 1,507 square meters and its built area amounts to 7,013 sqm. Modernization works are set to start in the first quarter of 2020.
“The office segment will continue to be a major driver in the real estate sector in the upcoming years and our property on Tudor Arghezi street will put downtown back on the map for companies looking to relocate,” said Ana-Maria Pop Chief Operating Officer Hagag Development Europe.
Hagag owns the Bucharest Financial Plaza office building on Calea Victoriei, which it bought from BCR. It also owns the Stirbei Palace, the former Petrom headquarters and a residential building, all located on Calea Victoriei.
The developer is currently involved in acquiring, developing and refurbishing buildings and real estate projects of over EUR200 million in Bucharest.