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| Record transaction for the office market outside Bucharest Real estate services giant Jones Lang LaSalle has acted as the exclusive advisor on behalf of the vendors, Ovidiu Sandor and his business partners, for the disposal of the office park City Business Centre in Timisoara, Romania, to the South-African investment fund New Europe Property Investments (NEPI). Due to its volume and location (outside Bucharest), the transaction represents a record for the Romanian investment market: no other business center of such volume was ever transacted on the office market in other major cities except Bucharest. Ovidiu Sandor will continue to develop the next two phases of CBC (the fourth and the fifth building) and will continue to manage the property, as well as the leasing of the office complex. The three existing buildings of 25,000 m2 lettable area are currently 90% leased to large international tenants. The number of employees who operate in CBC exceeds 2000. The construction works for the fourth building are underway and is due for delivery the summer of 2012, while the fifth building is due for delivery by the end of 2013, both buildings already benefiting from solid and increasing occupier interest. Upon final completion, CBC will span over 43,000 m2 (Gross Leasable Area) and will include five state-of-the-art interlinked structures arranged in master-planned setting in the heart of Timisoara, Romania. Timisoara is one of the largest cities in Romania with a population of circa 320,000 inhabitants and it is considered the "capital city" of the Western Region. write your comments about the article :: © 2012 Construction News :: home page |