Romanian billionaire Ion Tiriac’s real estate division has started working on a new office tower near Bucharest’s Victoriei Square where the Government’s headquarters are located. This is Tiriac’s first office project in ten years, Capital reported.

The project, called Tiriac Tower, is managed by Global East European Investment, part of the Tiriac Imobiliare division. The project was first announced in 2014, when the developer estimated the investment at some EUR 30 million.

Work on the building started on July 20 and should be completed in the third quarter of 2020. The project has three connected wings the tallest of which will have 12 floors. The project’s leasable area is over 16,000 sqm.

Real estate consultancy firm Crosspoint manages the leasing process. The monthly rent is EUR 19 per sqm per month and interested companies must lease at least 200 sqm. Thus, when fully leased, the project would produce some EUR 3.6 million worth of rental revenues per year.

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(Photo: crosspoint-imobiliare.ro)

editor@romania-insider.com