Construction has begun on Green Gate a new class-A office building and retail space in Bucharest’s Center West area. The building is scheduled for completion in Q1 2014.
PPF Bank in the Czech Republic has lent €39m for the scheme, though costs could rise to as much as €55m.
The building will have about 30,000 sqm of leasable space over 15 floors, four of which will be underground levels. The ground floor will offer retail space. Bog’Art is in charge of construction, while The Advisers/Knight Frank was appointed exclusive leasing agent.
According with Horatiu Florescu, president & CEO of The Advisers/ Knight Frank, 30 percent of Green Gate was pre-leased before construction started two weeks ago. Leases have been secured on more than 8,000 sqm, while another 6,000 sqm is under negotiations.
The IT company Team Net was the first tenant to sign.
