The real estate consultancy Cushman & Wakefield Echinox has been appointed to manage the Floreasca Park office project located in the Floreasca – Barbu Văcărescu area in the north of Bucharest, the largest business center in the capital.
“We are going through an atypical and unprecedented period, and at this time our role and participation as property managers is essential to support the return of employees in an office space appropriate to changing conditions and trends,” says Mihaela Petruescu, Partner Asset Services, Cushman and Wakefield Echinox.
The project, whose main tenant is the American technology company Oracle, was completed in December 2013 by the Portland Trust and consists of two modern Class A office buildings, connected by an underground car park with capacity for 586 cars.
Other representative tenants are Kellogg’s, BASF, Saint-Gobain, Ursus Breweries and ENI. The property has a leasable area of 39,350 square meters, has connections to various means of public transport and offers a variety of facilities for tenants, including a cafeteria and a bank.
Last fall, following a transaction negotiated by Cushman & Wakefield Echinox, Resolution Property and Zeus Capital Management acquired Floreasca Park from a fund managed by GLL Real Estate Partners GMBH (a member of the Macquarie Group).
The project is located in the Floreasca – Barbu Văcărescu area, considered the “New CBD” (Central Business District) of the Capital, since several of the largest companies in Romania have established their headquarters in modern offices with an area of 520,000 meters squares built in area, show data from Cushman & Wakefield Echinox.
The property management department within Cushman & Wakefield Echinox manages a diverse portfolio of properties in Romania, providing management services for office buildings, industrial parks and commercial projects, totaling more than 420,000 square meters, both in Bucharest and in the main cities of the country.