The central European property developer Portland Trust and US based Ares Management are embarking on the final phase of Oregon Park, their new office park in Bucharest, an event which coincides with the company’s 20 years anniversary on the international real estate market, as a press release informs.
According to Portland Trust officials, the construction works on Building C of Oregon Park will start in October, which will comprise 25,000 sqm net office space over 2 levels of underground car parking on ground and 6 upper floors.
”Building C will be a mirror image of Building B and will complete the business park at a total of 70,000 sqm net. The excavation has already been completed and the tender process will finish shortly, with completion of the Building C scheduled for end of 2018,” the release reads.
Building C will house another Stradale restaurant, operated by the event catering company Flavours, which has proven to be a winning and popular concept, and discussions are taking place with a fitness club for 1,500 sqm also on ground floor, adding further amenities to the park. Most of the remaining space is under discussion with companies already in the locality.
The 4 hectares site was bought from Gruppo Nusco in 2014 and Strabag was the general contractor for Phase 1, which comprises 45,000 sqm in two buildings. The 20,000 sqm Building A was entirely leased to Oracle and Building B is now nearly fully leased with 6,000 sqm remaining. Deloitte Technologie has continued to expand and currently leases over 5,500 sqm and two new leases to international technology companies totaling 3,600 sqm will be announced shortly. Other tenants include Medicover, Kambi, Europa FM and Euler Hermes. If current negotiations are successful, then it is likely that Building B will be full by the end of 2017.
Oregon Park is the last of three major office projects in the Barbu Vacarescu / Floreasca location developed by Portland Trust. The first being Floreasca 169A (38,000 m2), which was completed in March 2009, fully leased to Honeywell, ABB, Colliers, Abbott, Holcim, Marsh, DHL, L’Oréal, and ENI, and then sold to NEPI in December 2010. The second was Floreasca Park (39,000 sqm) which was leased to Oracle, Allianz, Kellogg’s, BASF, Saint Gobain and Ursus before being sold to Munich based GLL Partners at the end of 2015, one year after completion.
Since 1999, when it started activities in Romania, Portland Trust and Ares have invested approximately EUR 400 millions and developed 306,500 sqm of leasable area, of which 161,500 sqm of office spaces in 6 projects in Bucharest, and 145,000 sqm of industrial developments, in one industrial and logistics park, Bucharest West.