Portland Trust, the developer of the Floreasca Park office project in Bucharest has reached a 75 percent pre-lease level for the building after chemical company BASF has pre-leased 1,400 sqm for its Bucharest headquarters, the company has announced.
Located in the capital’s Barbu Vacarescu area, Floreasca Park will have a total leasable area of 38,000 sqm and is scheduled to be delivered this November. The project was designed by the Chapman Taylor architecture firm.
“The Floreasca – Barbu Vacarescu area has become one of the most popular urban areas for office projects in the city and demand for high quality class A office spaces in Bucharest continues to be high,” said Robert Neale, CEO Portland Trust.
This is the seventh project developed by Portland Trust in Romania, the 38,000 sqm Floreasca Park representing 14.5 percent of the 260,000 sqm total area built and leased locally since 1999.
Portland Trust was set up in 1997 to develop real estate projects in Central Europe. The company is owned and managed by Robert Neale. The developer is also present in the Czech Republic and Slovakia. So far it has developed over 360,000 sqm worth of office, industrial and commercial spaces. Out of this, 260,000 sqm are located in Romania and consist mainly of office space but also an industrial project.
Part of Portland Trust, including its subsidiaries, were purchased by Apollo Real Estate Advisors, presently AREA Property Partners in 1999 with the purpose of expanding the business and investing in large scale projects.