The current occupancy rate of Sky Tower office building, which has a lettable area of 41,000 square meters and is located near the Aurel Vlaicu subway station in northern Bucharest, is 85%.
“We are happy with how renting has been progressing, considering we started it after completion of the tower construction (developers usually begin pre-letting while the building is still under construction i.e.),” Grinzeanu says.
The office building required an about EUR150 million investment and opened in the spring of 2013.
One of the latest additions to the tenant list is Oracle, which rented nine floors or 10,400 square meters for five years. The other tenants besides Raiffeisen Property and Raiffeisen Bank include PeliFilip, 1&1 Internet, Gecad Group, Amadeus, Tinmar and Nis Petrol.
“We’ve got three office space floors unoccupied yet, but there is interest from economic operators. We would like only one tenant, if possible. We slowed down the rental pace since we only have three vacant floors and can take our time searching for tenants.”
Office space tenants occupy 31 of the 36 floors of Sky Tower, while the top two floors were initially set aside for the development of a conference center and a restaurant.
“We are in talks with restaurant chains for the time being, we want a business location,” Raiffeisen Property Romania official said.
The 35th floor might be repurposed into office space, even though the building owner had at first planned to use it for the conference center and restaurant development.
“We don’t think this generous a space (two floors i.e.) will be used, so we would like the 35th floor brought up to office standards in 2016,” Grinzeanu says.
Rent in the Sky Tower stands at EUR16.5 to EUR17.5 per square meter per month and is one of the highest in the Floreasca-Barbu Vacarescu area.
Grinzeanu says Raiffeisen Property has no plans to sell Sky Tower for the time being, but “there are no assets in this world that won’t find an investor at some point.”
(English version by Loredana Fratila-Cristescu)