The real estate developer Portland Trust is approaching 80% occupancy of Oregon Park buildings A and B, which consists the first phase of the project’s development. The two buildings have a combined surface of 44,500 sqm net leasable office space out of which approximately 35,000 sqm is now leased, representing approximately 80% of the total area. This percentage was reached due to 6 new tenants who have contracted 14,000 sq m of office space from the total of 24,500 sqm in building B.
Portland Trust estimates that Oregon Park will be fully leased by the end of 2017.
Building A was finalized in September 2016, with a total of 20,500 sqm net leasable office space and was fully let by Oracle. Stradale took the 500m2 restaurant on the ground floor. Building B was handed over in February 2017, with a total gross leasable area of approximately 24,500 sq m.
The first tenant in Building B is a B2B provider of premium sports betting services, Kambi. They have leased 1,200 sqm on completion, followed by a new business division of the well-known audit, consulting and financial advisory company, Deloitte, in February 2017. Deloitte Tehnologie has leased approximately 6,000 sqm on two floors in building B. Other tenants that have signed leases agreements are: private medical provider Medicover, Swiss company Markant AG, one of the largest trading and service cooperation in Europe's food industry, radio station Europa FM, part of the Lagardere Group of France and Euler Hermes, part of Allianz Group, one of the worldwide insurers. Portland Trust is currently involved in advanced discussions for leasing the remaining area in Oregon Park, Building B.
The second phase of the project consists in the development of Building C, with a gross leasable area of 24,500 sqm, a mirror image of Building B. The construction shall start this fall and should be finalized in Q4 2018. The total net leasable area will be approximately 69, 000 sqm.
“We are pleased by the way Oregon Park has grown into the Barbu Vacarescu office sector. We carefully designed this project in order to meet all the criteria that we consider important: building sustainability, focus on low energy consumption and the eco-friendly characteristic of the buildings in an established location in the most dynamic office hub in Bucharest. We build office space that meet the highest quality requirements in order to offer a better working environment for all our tenants. We are proud of what we have achieved and delighted that Oregon Park is already receiving market appreciation, following in the footsteps of Floreasca Park, one of our most awarded projects on the local and international market. Our main focus in the next period is to complete the leasing of building B and to further develop building C at the same quality level as the other two”, stated Florin Furdui, Country Manager of Portland Trust in Romania.
Mr Furdui also added: “The Romanian office sector continues to grow and the demand from new and also from existing clients is on an upward trend. We have a solid and healthy growth in the occupational market and other areas of the City have also experienced remarkable growth in office stock. Each week there is a new company looking to locate in Bucharest. Whilst supply is comparatively high, it is matched by demand. Quality and design of most new office space is improving which is a great trend which I hope continues. The vacancy level is at a healthy level and I am optimistic about the market movements in the next period. In the past few years the biggest demand for office space is coming from financial, IT, BPO and SSC companies.”
Oregon Park has recently won the “Best Office Development for BPO (Business Process Outsourcing)/SSC (Shared Service Outsourcing) sector in Bucharest” award at the third edition of “The Romanian Outsourcing Awards for Excellence” Gala. The project has been also nominated for the “Energy Efficiency Program of the Year” distinction on the “Romanian Energy Awards 2017” Gala at the end of May.
Oregon Park is located on Șoseaua Pipera, in the Northern part of Bucharest and will have three buildings with a total surface of 69,000 sqm of office space.
The retail amenities of the project also comprise a “1 Minute” coffee shop with their most modern concept, a “Stradale” restaurant, which offers a mix of creative environment and culinary delights created by Chef FOA, and a BCR banking unit.
Portland Trust is a well-known commercial developer in Central Europe and was founded in 1997. Robert Neale is the owner and Managing Director of the company which has offices in Prague and Bucharest and has built to date more than 650,000 sqm of new commercial space.
Portland Trust has a long-term joint venture with Ares Management LP, a partnership that has allowed Portland Trust to expand and invest in large projects in various countries throughout CEE. In Romania, the company focuses on the development of institutional quality office buildings.
Portland Trust is dedicated to a clear and simple environmental policy of using local, natural materials where possible, designing buildings in a fundamentally efficient manner, use of modern, efficient technology and adhering to both local and international guidelines for energy efficiency. The company has won many awards for design and sustainability.
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