Oracle rented nine floors, from 23 to 31, in Sky Tower, a building that has reached an 85% occupancy rate in the wake of this deal.
The company, with revenue of above EUR120 million and around 3,000 employees in Romania, currently operates in Floreasca Park and Nusco Tower office projects located close to Sky Tower, so that the decision to rent a space in the tower held by Austria’s Raiffeisen Property came only naturally.
By mid-2015, Oracle will start moving the first employees to Sky Tower, a building where groups such as Raiffeisen Bank, 1&1 Internet Development, Tinmar Ind, Amadeus or PeliFilip are also headquartered.
In 2014, the Austrian company managed to attract tenants for another 15 floors of the 37-floor tower, the tallest building in Bucharest and Romania.
The value of the contract can be put at EUR1.5-2 million per annum, taking into account the rents of Barbu Vacarescu-Floreasca area.
By area, this is the biggest deal signed on the local office market at the start of this year.
The deal was handled by real estate consultancy The Advisers Knight Frank, run by Horatiu Florescu, a broker involved over time in most deals operated by Oracle on the Bucharest office market. According with the consultancy, the office vacancy rate in the area dropped from 12% to 8% in the wake of this deal.
According with ZF information, the contract signed by Oracle in Sky Tower could be a medium-term one, for 2-3 years, until Portland Trust completes the first buildings of Oregon Park project, where Oracle is likely to rent around 20,000 square meters.
Oracle officials did not provide any information on the company’s expansion plans in Romania by edition close.
(English version by Catalina Apostoiu)