Avon rents space in Neocity Tower II

Cosmetics producer Avon Romania will be paying more than 200,000 euros in annual rent under a lease contract for three levels in the Neocity Tower II office building, held by real estate developer Neocity Group. Avon has rented a total of 1,100 sqm, while the monthly rent for a Class A building ranges between 16 and 20 euros per sqm, which means Avon’s contract is in excess of 18,000 euros a month and 210,000 euros a year. Neocity Group finished construction works on the Neocity Tower II at the end of last year and the new building is practically an extension of the already existing Neocity Tower I, completed in 2001. Tenants include Alfa Bank and General Electric besides Avon. Neocity officials say Tower II’s take-up is 85%. ZF