The real estate developer Portland Trust is approaching 80 percent occupancy of Oregon Park buildings A and B, which represents the first phase of the project’s development. The two buildings have a combined surface of 44,500 sqm net leasable office space out of which approximately 35,000 sqm is now leased. The current percentage was reached due to six new tenants who have contracted 14,000 sqm of office space from the total of 24,500 sqm in building B.
Portland Trust estimates that Oregon Park will be fully leased by the end of 2017.
Building A was finalized in September 2016, with a total of 20,500 sqm net leasable office space and was fully let by Oracle. Stradale took the 500 sqm restaurant on the ground floor. Building B was handed over in February 2017, with a total gross leasable area of approximately 24,500 sq m.
“Our main focus in the next period is to complete the leasing of building B and to further develop building C at the same quality level as the other two”, said Florin Furdui, country manager of Portland Trust in Romania.
The first tenant in Building B is a B2B provider of premium sports betting services, Kambi. They have leased 1,200 sqm on completion, followed by a new business division of Deloitte in February 2017. Deloitte has leased approximately 6,000 sqm on two floors in building B. Other tenants that have signed leases agreements are: Medicover, Markant AG, radio station Europa FM, part of the Lagardere Group of France and Euler Hermes, part of Allianz Group. Portland Trust is currently involved in advanced discussions for leasing the remaining area in Oregon Park, Building B.
Furdui also added: “The Romanian office sector continues to grow and the demand from new and also from existing clients is on an upward trend. We have a solid and healthy growth in the occupational market and other areas of the City have also experienced remarkable growth in office stock. Each week there is a new company looking to locate in Bucharest. Whilst supply is comparatively high, it is matched by demand. The vacancy level is at a healthy level and I am optimistic about the market movements in the next period. In the past few years the biggest demand for office space is coming from financial, IT, BPO and SSC companies.”
The second phase of the project consists in the development of Building C, with a gross leasable area of 24,500 sqm, a mirror image of Building B. The construction shall start this fall and should be finalized in Q4 2018. The total net leasable area will be approximately 69,000 sqm.