AFI Europe has completed the first building in a five-building office project near the AFI Cotroceni mall in Bucharest.
The 11,000 sqm building, representing a €19.5m investment, is already 70 percent let and AFI officials are confident they will be able to fill the remaining space by the end of the year. When fully leased, the building is expected to generate €2.3m in rent per year, according to the news server Wall-Street.ro. Rent is going for €15 per sqm, while the top floor is about €16 per sqm. The Advisers/Knight Frank is the exclusive leasing agent for the project.
Construction on the second building of the project is scheduled to start in three weeks. It will have around 15,000 sqm GLA. Completion is scheduled for the second quarter of 2014.
