Romexterra rents building in Cotroceni

MKB Romexterra, a small bank controlled by German Bayern LB
group has rented an entire 2,700 square-metre office building in
Cotroceni in the central area of Bucharest, in one of the biggest
deals on the rental market this year. MKB Romexterra had previously
been headquartered in the Millennium Business Center building close
to the Bucharest Stock Exchange, but the building was affected by a
fire at the end of June, which rendered it unusable, at least for a
while. The companies that had been operating there, such as Sanofi
Aventis, Transelectrica, World Bank and Bulboaca & Asociatii
sought office space in other buildings in the city, thus slightly
revitalising a market almost completely frozen since the beginning
of the year. “The 17 Elefterie building, developed by Italiana
Edifizia, was the biggest available in the Cotroceni area where
average rents asked for class A space stand at about 18
euros/square metre per month. The contracts are signed for somewhat
lower sums,” stated Horatiu Florescu, chairman of real estate
advisory firm The Advisers/Knight Frank, the broker of the deal.
Under the circumstances, Romexterra should pay approximately half a
million euros in rent for the building per year.