The Romanian branch of Oracle company, one of the world”s major software suppliers, has pre-rented some 7,000 square metre office space in the Floreasca Tower building, announced Colliers real estate company, the broker of the deal.
The deal, whose value has not been disclosed by Colliers, is the most important one sealed so far this year, in terms of surface area. Against an average price of 16-18-euros/square metre/month, and considering rental contracts are signed for an average period of 5-7 years, the value of the contract is likely to come to 10 million euros.
“Oracle has pre-rented about 7,000 square metres, beginning with the second floor of the building to the thirteenth floor. Considering this, the building will be renamed Oracle Tower,” stated Horatiu Florescu, a manager with Colliers.
Raiffeisen Evolution, the developer of Oracle Tower, is one of the most important real estate developers on the Romanian market, mainly handling class A office projects. The most representative project the company has developed so far is Grand, a hotel and office complex, including JW Marriott.
The initial investments in the Oracle Tower revolves around 12 million euros, representing a 13-floor class A office building with a net capacity of 7,600 square metres, to be delivered onto the market by December 2005.
In the first half of the year, one of the deals to top office rentals was the contract signed by General Electric. The company rented 4,000 square metres in the Iride Business Park project.
The National Trade Registry Office in its turn has recently leased 3,000 square metres in a building on Unirii Blvd.
The office space market witnessed a total of 36 deals that targeted space of more than 1,000 square metres each last year, accounting for 77% of the total transactions on the market, a survey by Colliers shows. Out of these operations, 18 were contracts signed for office space with a surface area of more than 2,000 square metres.