The largest deal, put at EUR40 million to EUR60 million is the sale of the Landmark office complex by Piraeus to Revetas, followed by the sale of the Crystal Tower building, the current ING headquarters, by Michael Stanciu to Czech investment group PPF for about EUR40 million and the sale of the Ventilatorul site along with the Bucharest Corporate Center building by Immofinanz to One United in a EUR39 million deal.
Both Bucharest Corporate Center and Crystal Tower were sold after the announcement about important tenants moving out. ING will trade the Crystal Tower for the future headquarters in Expozitiei area in northern Bucharest next year, while IBM left Bucharest Corporate Center early this year and moved to The Bridge and law firm Wolff Theiss rented space in the Landmark.
Consultants say office buildings in central locations are attractive to buyers precisely when they are not fully rented because they can be had at a discount in a time of rising prices. Their central location is precisely what makes them easy to rent, since they are close to subway stations.
(English version by Loredana Fratila-Cristescu)