Austrian real estate developer S+B Gruppe recently inaugurated its Magheru One office building in Bucharest, after a renovation process which lasted for six years and took EUR 20 million. The revamped office building was built in 1939, during the inter-war period and now offers some 2,750 sqm of office space and 1,200 sqm for shopping and leisure.

S+B Gruppe bought the building near the Hotel Lido downtown Bucharest in 2006. Six years later, renovation is complete and the developer has set a one year deadline to bring it to full occupancy. Rent is between EUR 22 and EUR 25 per sqm for offices, and EUR 75 and EUR 90 for shopping areas, according to Ziarul Financiar.

Magheru boulevard is one of the busiest and most central streets in Bucharest, and the new building, close to Romana and Universitate squares, has few competitors in the area, which is known more for residential and shopping, rather than as an office hub.

S+B Gruppe has projects in Poland, the Czech Republic, Romania and Austria. Its portfolio includes 850,000 sqm of developed projects and an investment volume of EUR 2.5 billion. In Romania, the company is also working on Airport City Park project, some 25,000 sqm, due for completion in 2014.

Corina Chirileasa, corina@romania-insider.com

(photo source: S+B Gruppe)