Avon takes 1.200 sqm office space in Euro Tower

The global cosmetics company Avon has taken a lease of 1,200sqm office space at Euro Tower office building developed by Cascade Group at the junction between boulevards Barbu Vacaresacu and Lacul Tei in Bucharest, the adviser of the transaction, DTZ Echinox said.

Avon will move to the new premises on June 15 and will pay a rent of around €18/sqm/month, or €260,000/annum. Prior to the transaction, Avon’s headquarters was on Emil Pangratti Street, near Charles de Gaulle square.

Apart from the 1,200sqm space, Avon has also taken 14 parking spaces. Talks for choosing the new head office lasted six months, after DTZ Echinox was appointed as exclusive leasing agent for the cosmetics company in November 2009.

“We are glad that we have succeeded in proposing Avon a flexible and accessible accommodation solution, with extremely efficient energy consumption. DTZ Research shows that most companies are willing to invest in rental costs more than 75% of the savings made on maintenance costs by choosing a green building”, said Mihnea Serbanescu, general manager DTZ Echinox.

Euro Tower (photo) has 19 storeys and five underground parking levels, with 180 spaces. The built surface is 18,000 sqm of which 16,300 sqm lettable.

Cascade Group is a fully owned subsidiary of East and Central European Venture Capital BV, registered in the Netherlands, which has been funding both commercial and residential real estate developments. Cascade Group was established in Romania in 1998. The company has also delivered the 6,000 sq m building Cascades Business Center. The project has been sold to Fabian in 2005, in a €12 mil transaction.

The total estimated office buildings stock to be delivered in 2010 is approximately 280.000 sq m, out of which 68,000 sq m have already been delivered in Q1. Presently, DTZ Echinox estimates a volume of 287,000 sq m of available office space, which leads to a vacancy rate of 18%.

Euro Tower building has been completed in spring, the take-up rate standing at approximately 65% according to a recent announcement of the investment fund European Convergence Development Company (ECDC).

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