CBRE Romania was named lease agent for PakeLake Plaza, a commercial center underway in the eastern part of Bucharest by Sonae Sierra and Caelum Development. Excavation at the site started in January. PakeLake, an investment of €180m, is scheduled to open in 2016. It will include 200 shops and 2,600 underground parking spaces. The land on which it will be built the shopping center is of 8.2 acres and was bought in 2007 for €53m. Because of disputes regarding the location – former Spartac sports facilities, the project was postponed in the first phase.