Earlier this year, Tiriac got the construction permit for an 11-storey building with a rentable area of around 18,000 square meters and started readying the future project that will be located in Buzesti street.
“The first stage of works has started. In the current stage we are working with Apolodor, and in the first quarter of next year we will select the builder for the next project stage,” said Tomas Manjon, COO of Tiriac Imobiliare.
He added the value of investments in the project is put at some EUR30 million and Tiriac mulls taking out a loan to develop the project.
Manjon did not specify when construction works are due to be completed, but Tiriac building may be delivered in 2016 or in early 2017 at the latest.
Piata Victoriei is an office area still sought by companies, with access to the subway and other transport means, proximity to the downtown area and public institutions, as well as building visibility as major factors in choosing a headquarters.
Tiriac has for several months been in talks with Bucharest office brokers to seek tenants in an area where companies such as Orange, BRD, Piraeus Bank, IBM or EY Romania are headquartered. Rents in the area are among the highest in the city, but until construction works are finalized companies can get more favorable contractual terms.
Tiriac has developed other office projects before, such as the headquarters of Tiriac Holdings, the Nouveau Center near Piata Unirii or Vama Postei building close to Basarab Passageway, but none of these has the size of Buzesti project.
With operations in various fields, such as automotive (Tiriac Auto), retail (Metro), insurance (Allianz-Tiriac) or banks (UniCredit Tiriac Bank), Ion Tiriac is one of the most powerful Romanian entrepreneurs, with a wealth put at around EUR1 billion.
(English version by Catalina Apostoiu)