How Nusco found tenants for 18-storey office tower despite crisis

A new 18-storey tower has been finished in Bucharest, close to Aurel Vlaicu underground station, where works to fit out space for several thousand employees of companies such as Oracle, Bayer, Centrofarm or Raiffeisen Leasing are underway.

Michele Nusco, the man who coordinates the Romanian operations of Nusco family of Italian businesspeople, who expanded the door business in the early ’90s in Romania, recounts that “the land the project is developed on was bought in 2001-2002 for a showroom of the door plant, but I then wanted to build an 18-storey tower”.
He says he has tenants for 12 of the 18 storeys of Nusco Tower. Over the past years, he has had talks with around 30 companies. The first tenants will move in December. “We have options for the rest of the building and I believe we’ll rent it entirely by yearend (…),” says Horațiu Florescu, chairman of The Advisers Knight Frank real estate consultancy, the project broker.
Despite the crisis, Nusco expects the office tower to generate annual rent revenues worth 4.5-5m euros, depending on the values the last contracts will be signed at.